Cardano, Shiba Inu, Solana Price Analysis: 24 October

Cardano, Shiba Inu, Solana Price Analysis: 24 October

With the advent of altcoin season, Shiba Inu reached its ATH and registered over 40% gain on its daily charts. Altcoins like Cardano and Solana flashed bearish signals in the near term.

Cardano (ADA)

After hitting its two-week high on 21 October, ADA headed towards the south and consolidated within its immediate resistance and support levels that stood at $2.298 and $2.086, respectively. The fourth-largest cryptocurrency oscillated within the aforementioned narrow range since the past month.

As the bears exerted constant pressure, the altcoin traded at $2.125, after noting a loss of nearly 2% over the last day. The Relative Strength Index (RSI) stood close to the 41-mark, visibly depicting preference for the sellers.

Also, the +DI line (blue) rapidly headed downwards and confirmed the previous reading. Additionally, the MACD was below the signal line after a bearish crossover. However, the ADX line displayed a weak directional trend. Thus, if the bulls find a catalyst to support their momentum, they could influence the price trajectory.

Shiba Inu (SHIB)

The meme crypto designed on the Ethereum blockchain was trading at $ 0.00004174 and surged by over 40% in the last 24 hours. The token undertook a bullish price trajectory from 15 October and noted higher highs until it reached its ATH at $0.00004450.

SHIB registered a 62% seven-day gain and stood as the 11th biggest crypto with new support at $0.00002914. Further, SHIB became the most traded crypto on Coinbase and Binance over the last day.

The RSI stood on the 90-mark, way ahead and deep into the overbought territory. Furthermore, MACD rapidly headed north while the histogram flashed green bars, visibly depicting a one-sided momentum.

Also, the Squeeze Momentum Indicator flashed grey dots and thus hinted that the market may still witness high volatility in the near term.

Solana (SOL)

SOL hit its six-week high on 22 October and since then assumed a downtrend. Since then, the altcoin has marked a retracement by falling nearly 5% over the last day near its immediate support at the $191-mark.The digital currency traded at $192.1075 and saw a 16% seven-day increase on its charts. The altcoin was in a pullback phase as the salient technical indicators seemed to favor the sellers.

The RSI reached the 53-mark with a bearish trendline after a plunge from the previous day. Also, the MACD and Awesome Oscillator flashed red signals, affirming the decreasing buying strength.


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