Cardano ADA, Shiba Inu SHIB Gain 50% in Two Weeks

In the last two weeks, cryptocurrencies have tried to turn bullish with the risk sentiment improving in financial markets, sending Bitcoin (BTC) above $48,000. Cardano (ADA) and Shiba Inu (SHIB) have made some decent gains as well, increasing around 50%. Although they still can’t be considered bullish since they have to push above some decent resistance indicators. The momentum seems decent in both digital coins, so let’s see what they look like on the daily timeframe.

Cardano Daily Chart – The 100 SMA Turns Into Support

ADA trades in the neutral zone now

With the release of the Alonzo upgrade last September, dApps started going live on Cardano’s blockchain. That has helped increase transactions which have grown above 30 million since then. The numbers of NFTs on various marketplaces within its ecosystem have surged to over 100,000 in a few months. Now Cardano can support Ethereum dApps after Milkomeda brought EVM compatibility to the Cardano ecosystem.

This has helped increase the demand for ADA tokens and the Vasil Hard Fork which is scheduled for June 2022 is helping improve the sentiment as well. ADA/USD fell from $3.10 in September last year, to $0.75 with the 50 daily SMA (yellow) and the 100 SMA (green) acting as resistance. But, after the reversal in the last two weeks, Cardano has increased above $1, breaking both these 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

One last moving average left to take out

Shiba Inu has been building its own Layer 2 blockchain, which is expected to lower fees and increase speed (TPS). Besides that, the new version of Shiba Inu’s DEX, ShibaSwap 2.0, includes a feature that allows burning SHIB coins. This has helped the sentiment, but the main reason for this reversal is the improved risk sentiment in financial markets.

The support at around $0.000020 held for Shiba Inu and it increased close to $0.000030 yesterday, which means a 50% gain in two weeks. But the 200 SMA (purple) acted as resistance yesterday and today Shiba is having another go at this moving average. If buyers break above this level, then the next resistance comes at $0.000035 and above there SHIB/USD will be considered bullish again. yesterday Etherscan noted that last week a crypto whale bought 200,588,182,473 Shiba Inu coins, which must have helped the bullish cause. Besides that, the Shiba Inu community, ”ShibArmy,” is being teased with a major announcement scheduled for March 30.

SHIB/USD