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- The prices of ADA, DOGE, and SHIB rallied comfortably over the last seven days.
- However, market sentiment around these tokens has turned bearish.
The recent bull rally allowed most cryptos to lift their values, and Dogecoin [DOGE], Shiba Inu [SHIB], and Cardano [ADA] were no different. All the cryptos registered promising upticks over the last week.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
However, even as investors enjoyed profits, a key metric started pointing towards a sell signal. Could this be the beginning of a trend reversal for these cryptos?
Dogecoin, Shiba Inu, and Cardano are in comfortable states
Both DOGE and SHIB, two of the largest meme coins, registered price upticks over the last week.
According to CoinMarketCap, DOGE managed to push its price up by more than 2.2% while SHIB’s price surged by over 5.4% over the last seven days. At the time of writing, DOGE had a value of $0.06895, while SHIB was trading at $0.000007899.
It was interesting to note that DOGE’s trading volume increased over the last 24 hours, but the opposite was true for SHIB.
Moreover, both meme coins’ Social Volumes remained relatively high last week. But their Weighted Sentiment was concerning as their graphs dipped, meaning that negative sentiment around those meme coins was dominant in the market.
Like DOGE and SHIB, Cardano’s weekly chart was also painted green. CoinMarketCap’s data revealed that ADA was up by more than 6% in the last seven days.
At the time of writing, it was trading at $0.2985 with a market capitalization of over $10.5 billion, making it the eighth-largest crypto. This price uptrend was supported by a hike in its trading volume in the last 24 hours.
Not only that, but LunarCrush’s data pointed out that ADA’s social engagement surged by 4% in the recent past. Additionally, its Altrank improved, which was an optimistic signal.
The uptrend might end soon!
Though these cryptos’ current price action looked optimistic, Ali, a popular crypto analyst, recently pointed out a metric that suggested a price correction. As per the tweet below, the TD Sequential indicator hinted at a sell signal on their daily charts.
For the unintiated, the TD Sequential is a valuable technical analysis tool that can help traders identify trend exhaustion and potential price reversals.
The TD Sequential indicator presents a sell signal on the daily chart of #ShibaInu $SHIB, #Dogecoin $DOGE, #Cardano $ADA, and #Injective $INJ, anticipating a correction before the continuation of the uptrend.
— Ali (@ali_charts) October 30, 2023
Therefore, a closer look at the aforementioned cryptos’ states gave a better understanding of what to expect from them in the days to follow.
Notably, both Dogecoin’s Relative Strength Index (RSI) and On Balance Volume (OBV) registered slight downticks, which suggested that the meme coin’s price might plummet soon. However, the Chaikin Money Flow (CMF) remained in the bulls’ favor.
A look at Cardano’s daily chart also gave a similar bearish notion, as most of the market indicators were supporting the sellers. Both ADA’s RSI and Money Flow Index (MFI) were in the overbought zone.
This signals increasing selling pressure, which could push the token’s price down.
On top of that, ADA’s price had already touched the upper limit of the Bollinger Bands at press time, which also hinted at a price correction. But it should also be mentioned that the MACD displayed that the bulls were still ahead of the bears in the market.
Shiba Inu’s state is also concerning
Similar to DOGE and ADA, a few of SHIB‘s metrics also gave reasons for concern. Over the last seven days, both SHIB’s Supply on Exchanges and Supply outside of Exchanges have somewhat flattened. This meant that investors were not actively trading the meme coin at press time.
Is your portfolio green? Check out the SHIB Profit Calculator
Interestingly, Whalestats’ data revealed that SHIB remained the most traded token among the top 100 ETH whales in the last 24 hours. However, the supply held by top addresses did not move over the last seven days.
SHIB’s market indicators were also looking bearish. Its RSI and MFI were near the overbought zone. However, its CMF was optimistic as it suggested that the meme coin’s price might go up further in the days to follow.