In the week ending August 21, the six-week winning streak seems to be over. The crypto market, which has fallen from $1.2 trillion to $1 trillion, is facing a fourth-month decline in five months and the seventh since the $3 trillion peak in November. So, which altcoins should you watch this week? Analyst Bob Mason outlined his expectations for Shiba Inu (SHIB), Cardano (ADA), Chiliz (CHZ), Ethereum (ETH) and Polygon (MATIC). Here are the details…
Detailed analysis for Cardano (ADA) from SHIB, ETH analyst
On a weekly basis, the ADA has dropped close to 20 percent. A choppy start to the week resulted in ADA’s highs of $0.582 on Monday and Wednesday. However, the reversal ended with ADA falling to Saturday’s low at $0.435. As the broader market sentiment weighed on, the Vasil hard fork issue further increased the selling pressure. As we reported on Kriptokoin.com, Cardano developer Adam Dean announced that Cardano’s Testnet was “disastrously broken due to a bug.”
On a trend basis, ADA will need to break through the August high of $0.595 to target the June high of $0.6688. However, a drop to $0.435 could lead to $0.403. Updates to the Vasil hard fork will continue to be the key catalyst, according to the analyst. The 4-hour EMAs point to a bearish signal, while the ADA is currently below the 50-day EMA. According to the analyst, ADA will need to climb above $0.50 to end the bearish sentiment.
Chiliz (CHZ) needs to break these levels
CHZ was one of the few cryptocurrencies to avoid the red with its 2 percent gain on a weekly basis. A high start to the week saw CHZ rallied from Monday’s low of $0.1725 to Wednesday’s high of $0.2298. However, succumbing to market forces, CHZ slumped below $0.18 before ending the week in positive territory. Network news provided support earlier in the week. Scoville testnet launch provided CHZ support. Investor sentiment towards Socios behind CHZ was also positive to support Barca FC’s Web3 goals.
Looking at the trends, surpassing this week’s high of $0.2298 could support April’s high of $0.2943. A return to $0.30 will provide free movement at the March high of $0.3312 to make $0.40 visible to the bulls. A break below $0.1500 might give the bears a glimpse of the August low of $0.1214. A drop below $0.10 would set the current year low at $0.0798.
The excitement in Ethereum has lost its momentum
This week, ETH is down 16 percent. ETH made a choppy start to the week, recording August’s low at $1,524 on Saturday. However, as we reported as Kriptokoin.com, the highest level of $2,014 in the same period was recorded on Monday. Merge updates faded into the background as investors’ concerns over the Fed’s monetary policy weighed on.
Looking at the trends, a move to the August high of $2,031 could support the May high of $2,968. ETH will need ample support to break out of the psychological resistance level at $2,500. A return to $3,000 would give ETH an exit at $3,581. A pullback to the August low of $1,524 would see the bears target July’s low of $1,005 before any rebound.
MATIC was also one of the most declining on a weekly basis
This week, MATIC also lost 20 percent. The altcoin dropped to $0.75 on Saturday after rising to $1.03 on Monday last week. Looking at the trends, a MATIC move to the August highs of $1.05 could support a run to the May highs of $1.18 and $1.20. According to the analyst, if MATIC breaks $1.20, the April high will be free at $1.7.
Prospects for the popular meme coin SHIB
SHIB fell 21 percent in one week. Like other cryptocurrencies, SHIB, which started the week volatile, was at $0.00001770 on Monday. However, this level slipped to $0.00001250 on Saturday. A bullish end of the week finding support from the broader market provided a return to $0.000013. There were no network news or Elon Musk tweets to impress. This has left SHIB price in the hands of investor sentiment. Despite the heavy losses, meme coins will provide a sharp rebound if broader market sentiment improves.
Looking at the trends, a move to the August high of 0.00001792 could give the bulls a run at the May high of $0.000002215. At $0.0000022, SHIB will target $0.0000030. However, a drop to the August low of 0.00001146 would give the bears a glimpse of their annual low of 0.00000713 on June 18.
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