Leading meme coin Shiba Inu (SHIB) has seen an 18% price drop in the past 24 hours. This mirrors the broader cryptocurrency market’s downturn, with global market capitalization falling by 5% over the same period.

An assessment of the meme coin’s on-chain and technical setup has revealed a weakening bullish momentum and a growing dominance of bearish sentiment. This indicates that SHIB may extend this downtrend. Here is how. 

Shiba Inu Loses Its Bulls

Shiba Inu’s declining open interest (OI) confirms the decrease in market activity and a waning of bullish enthusiasm among the meme coin holders. As of this writing, this stands at $82.49 million, noting a 32% fall over the past 24 hours. 

OI refers to the total number of active contracts in the futures or options market that have not yet been settled, expired, or closed out. When it falls, it is a bearish signal. It suggests that traders are closing out their positions, likely because they believe the asset’s value will continue to drop or because they want to limit losses.

This drop in OI amid falling prices, as in SHIB’s case, is a sign that bearish sentiment is strong among market participants.

Additionally, the meme coin’s Mean Dollar Invested Age (MDIA) has declined steadily since November 9, confirming the uptick in selling pressure in the market. As of this writing, SHIB’s MDIA is 877, having decreased by 1.5% over the past four days.

The MDIA tracks the average age of coins based on their dollar value. It measures how long, on average, a dollar invested in a cryptocurrency has remained idle in its current wallet address. A higher MDIA suggests that investors have kept their holdings over extended periods, while a lower MDIA means recent capital inflows or outflows.

When an asset’s MDIA falls, it suggests that older coins are being moved, indicating increased trading activity. When this happens during a period of price decline, it indicates profit-taking or loss-cutting.

It suggests a shift in market sentiment, with investors showing a greater willingness to sell their holdings. This selling activity contributes to a bearish trend as selling pressure outweighs buying pressure.

SHIB Price Prediction: Key Targets To Watch

As of this writing, Shiba Inu trades at $0.000023. Its double-digit fall over the past 24 hours has caused its price to decline toward its 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.

The 20-day EMA acts as a dynamic support level in an upward trend. A decline towards this level means a drop in buying pressure.

However, it offers a support floor where price corrections or pullbacks often find buying interest. For Shiba Inu, its 20-day EMA forms support at $0.000020.

If the price breaks below the 20-day EMA, it indicates a shift in momentum, as the meme coin is no longer finding support at this level. This breakdown will attract further selling, as traders view it as a bearish sign, prompting them to exit or take short positions. Should the $0.000020 price level fail to hold as support, the SHIB price drop will continue to $0.000016. 

However, if the 20-day EMA provides support, SHIB’s price may resume its uptrend and attempt to reclaim $0.000028.

FLOKI price has seen an impressive surge, climbing 21.79% in the last 24 hours and up 62.39% over the past week. This rally has pushed several key indicators into bullish territory, showing strong upward momentum.

However, caution is warranted as some signals suggest that the current trend may face resistance or a potential pullback. The coming days will be crucial for determining whether FLOKI can sustain its rally or if a correction is on the horizon.

RSI Shows FLOKI Is Now Overbought

FLOKI price recent surge has driven its RSI to 71.42, up from 60 just a day ago, indicating strong buying momentum. An RSI above 70 usually suggests that an asset is overbought, hinting at a potential correction.

However, this doesn’t always mean an immediate pullback is certain.

RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 are considered overbought, and values below 30 are considered oversold.

Although FLOKI’s RSI is currently in overbought territory, it has historically climbed above 80 before correcting, implying that the rally may still have room to run.

Ichimoku Cloud Shows a Bullish Setting For FLOKI

This Ichimoku Cloud chart for FLOKI shows a clear bullish momentum. The price is well above the cloud, indicating a strong uptrend.

The leading span A (green line) is above leading span B (red line), which supports the bullish outlook, while the cloud itself is in a positive configuration.

Additionally, the price is significantly above the Tenkan-sen (blue line) and Kijun-sen (orange line), which further confirms the bullish momentum.

However, a small retracement is visible, suggesting that FLOKI may encounter some consolidation or pullback before deciding on its next move. As long as the price remains above the cloud, the uptrend is likely to stay intact.

FLOKI Price Prediction: A New 57% Price Surge?

FLOKI’s EMA lines are currently showing a very bullish setup, with the price trading above all of them. That rise consolidated FLOKI as the 6th biggest meme coin in the market.

This indicates strong upward momentum. If the rally continues, FLOKI price could potentially reach $0.00031, with further resistance at $0.000349, representing a possible 57% price increase from current levels.

However, if the uptrend loses steam and reverses, FLOKI could face a significant retracement.

Key support levels are found at $0.00016 and as low as $0.00012, which could imply a potential 45% correction.

Cardano (ADA) price has surged 52% in the last seven days, but has seen a pullback of over 5% in the past 24 hours. Despite the recent rally, there are signs that the current uptrend might be losing momentum.

Indicators such as ADX and whale activity suggest that while ADA remains in a positive trend, its strength is weakening. This points to a critical phase where ADA will either find renewed momentum or face a potential reversal.

ADA Current Trend Is Still Pretty Strong, But It’s Losing Steam

The ADX (Average Directional Index) for ADA currently stands at 45.02, a drop from nearly 70 just two days ago. This decline in ADX indicates a weakening of the trend strength, suggesting that the previous momentum might be losing steam.

While ADA price remains in an uptrend, the decrease in ADX signals that the pace of the upward movement may be slowing down, even though the trend direction itself hasn’t reversed.

The ADX is a technical indicator used to measure the strength of a trend, without specifying its direction. Typically, an ADX above 25 is considered a strong trend, while anything below that suggests a weaker trend.

With ADA’s ADX at 45.02, the trend is still quite strong, but the recent decline from higher levels suggests caution.

Cardano Whales Are Back

The number of addresses holding between 1,000,000 and 10,000,000 ADA remained stable from October through early November but started to grow again on November 8.

Since then, these large wallets have increased from 2,432 to 2,451. This surge in accumulation was followed by a stabilization phase between November 11 and November 13, indicating that the recent buying activity might have reached a plateau.

Tracking these large addresses, often referred to as “whales,” is crucial because their buying or selling behavior can significantly impact ADA price.

The recent surge followed by stabilization suggests that while whales were accumulating ADA, driving a positive sentiment, they have now paused. This could mean that Cardano price may see a period of consolidation before the next significant move.

ADA Price Prediction: Can It Reach $0.80 In November?

ADA’s EMA lines are currently in a bullish setup, with short-term EMAs positioned above the long-term ones, which generally indicates an ongoing uptrend.

However, the price has now fallen below the shortest EMA line. That suggests that the strength of this uptrend might be fading.

If the current uptrend regains strength, ADA price could test resistance levels at $0.62 and $0.67. If these are broken, it may potentially rise to $0.80—a price it hasn’t reached since March and representing a possible 50.9% increase from current levels.

On the other hand, signals from ADX and whale activity hint that the uptrend may be losing steam. If ADA’s bullish momentum fails and the trend reverses, support zones around $0.47 and possibly as low as $0.41 could come into play.