H2: ADA, Doge, and SHIB Experience Price Rally, But Bearish Sentiment Emerges
Over the past week, the prices of ADA, Doge, and SHIB have seen a comfortable rally. However, market sentiment surrounding these popular tokens has turned bearish. While the recent bull rally boosted the value of many cryptocurrencies, including Dogecoin (Doge), Shiba Inu (SHIB), and Cardano (ADA), there are signs that a trend reversal may be on the horizon.
Comfortable State for Doge, SHIB, and ADA
Both Doge and SHIB, which are known as meme coins, experienced price increases in the last seven days. According to CoinMarketCap, Doge saw a price increase of over 2.2%, while SHIB surged by more than 5.4%. At the time of writing, Doge was valued at $0.06895, while SHIB was trading at $0.000007899. Interestingly, Doge‘s trading volume increased in the last 24 hours, while SHIB’s decreased. The Social Volumes of both meme coins remained relatively high, but their Weighted Sentiments were concerning, indicating a dominant negative sentiment in the market.
ADAs weekly chart also showed positive movement, with a more than 6% increase in the last seven days. Its trading volume also saw a hike in the past 24 hours. Additionally, ADA’s social engagement increased by 4% recently, according to data from LunarCrush. Its Altrank, another indicator, showed improvement, indicating optimism.
Potential Uptrend Reversal
Despite the optimistic current price action of these cryptocurrencies, a popular crypto analyst named Ali pointed out a metric that suggests a potential price correction. Ali highlighted the TD Sequential indicator, which indicated a sell signal on the daily charts of Doge, SHIB, ADA, and Injective (INJ). This indicator is a valuable tool for identifying potential price reversals.
Examining the State of Doge, SHIB, and ADA
Taking a closer look at these tokens, there are indications of potential downward movement. Both Doge‘s Relative Strength Index (RSI) and On Balance Volume (OBV) have shown slight downticks, suggesting that the meme coin’s price may soon experience a drop. However, the Chaikin Money Flow (CMF) remains in favor of bulls.
Cardano’s daily chart also presents a bearish notion, with several market indicators supporting the sellers. ADA’s RSI and Money Flow Index (MFI) are in the overbought zone, indicating increasing selling pressure. Additionally, ADA’s price has already reached the upper limit of the Bollinger Bands, suggesting a possible price correction. However, the MACD indicates that the bulls are still in control.
Concerning Indicators for SHIB
Similar to Doge and ADA, SHIB’s metrics also raise concerns. The supply of SHIB on exchanges and outside of exchanges has remained relatively stagnant over the last seven days, indicating a lack of active trading. Whalestats’ data shows that SHIB remains the most traded token among the top 100 ETH whales in the past 24 hours, but the supply held by top addresses has not moved.
SHIB’s market indicators also look bearish, with the RSI and MFI approaching the overbought zone. However, the CMF suggests that the meme coin’s price might continue to rise in the coming days.
In conclusion, while ADA, Doge, and SHIB have witnessed a recent price rally, bearish sentiment has emerged. Various indicators suggest that a price reversal may be on the horizon for these popular cryptocurrencies. Traders and investors should closely monitor these tokens and consider potential price corrections in their strategies.
### News source: ambcrypto.com