Cardano ADA and Shiba Inu SHIB gain 50% in two weeks

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Over the past two weeks, cryptocurrencies have attempted to turn bullish as risk sentiment improved in financial markets, sending Bitcoin (BTC) above $48,000. Cardano (ADA) and Shiba Inu (SHIB) also made decent gains, rising around 50%. Although, they still can’t be considered bullish, as they have to go above some decent resistance indicators. The momentum looks decent in both digital coins, so let’s see how they look on the daily time frame.

Cardano Daily Chart – The 100 SMA turns into support

ADA is now trading in the neutral zone

With the release of the Alonzo upgrade last September, dApps began going live on the Cardano blockchain. This has helped increase transactions which have exceeded 30 million since then. The number of NFTs in various marketplaces within its ecosystem jumped to over 100,000 within months. Cardano can now support Ethereum dApps after Milkomeda brought EVM compatibility to the Cardano ecosystem.

This has helped to increase the demand for ADA tokens and the Vasil Hard Fork, scheduled for June 2022, is also helping improve sentiment. ADA/USD moved from $3.10 in September last year to $0.75, with the daily 50 SMA (yellow) and 100 SMA (green) acting as resistance. But, after the reversal in the past two weeks, Cardano broke above $1, breaking both of those moving averages, although it still needs to push above $1.50 to be considered bullish, because here it is still trading in the neutral zone.

Shiba Inu Daily Chart – SHIB facing the 200 SMA as resistance

A final moving average to withdraw

Shiba Inu has built its own layer 2 blockchain, which should reduce fees and increase speed (TPS). In addition to this, the new version of the Shiba Inu DEX, ShibaSwap 2.0, includes a feature that allows engraving of SHIB parts. This has helped sentiment, but the main reason for this reversal is improving risk sentiment in financial markets.

Support at around $0.000020 held for Shiba Inu and it rose close to $0.000030 yesterday, signifying a 50% gain in two weeks. But the 200 SMA (purple) acted as resistance yesterday and today Shiba is trying this moving average again. If the buyers break above this level, the next resistance is found at $0.000035 and above it, SHIB/USD will once again be seen as bullish. Yesterday, Etherscan noted that last week a crypto whale bought 200,588,182,473 Shiba Inu coins, which must have helped the bullish cause. On top of that, the Shiba Inu community, “ShibArmy,” is being teased with a major announcement scheduled for March 30.

“See, the world is full of things more powerful than us. But if you know how to do a trick, you can move.

Stay tuned for March 30.

Weft!”

SHIB/USD

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