From Bullish to Bearish: What’s Next for SHIB and ADA?

Looking at the 1-hour chart of SHIB against USD, it appears that the price of SHIB has dropped after hitting the notorious 200-day moving average. This indicates that SHIB is currently unable to reverse its downward trend, instead opting to follow in the footsteps of Bitcoin and Ethereum. Furthermore, with SHIB trading below the 200-day moving average, the market remains bearish.

SHIB/USDT 1-hour technical analysis

Furthermore, the RSI value of SHIB paints a similar picture, with a value of 50.48. As it descends from the oversold region of 74, this indicates a favorable market trend, but with more sellers than buyers.

Should SHIB's downtrend continue, it may reach the present support level, spanning between $0.00001222 and $0.00001199. However, if the tide turns in favor of the bulls, SHIB could rebound to its 1-hour resistance zone, hovering between $0.00001369 and $0.00001350.

ADA/USDT 1-hour technical analysis

Let's get started with a 1-hour technical analysis of Cardano, the much-loved ADA. We can see that ADA has already moved below its 200-day moving average, confirming the bearish tone for its future prospects. On the plus side, ADA appears to have found support near its previous low of $0.3513 and has been gradually rising since then.

However, with an RSI value of 47.05, indicating a bearish market sentiment, and the RSI line on ADA's 4-hour chart positioned below the RSI SMA line, we may see a continuation of the bearish trend in the near term.

The support zone of ADA is displayed between $0.3543 and $0.3517, while the resistance is between $0.3851 and $0.3822.

However, keep in mind that technical analysis is only one aspect of cryptocurrency trading and should be used in tandem with fundamental analysis and risk management strategies to maximize profits and minimize losses.