Crypto prices continued their downtrend during the weekend as demand fell and concerns about geopolitics rose. Bitcoin has struggled to move back to the all-time high, while most altcoins have had a deeper crash. This report provides a forecast for top altcoins like Cardano (ADA), Shiba Inu (SHIB), and Chainlink (LINK).
Cardano price forecast
Cardano token has been in a strong downtrend this year as it crashed from $1.3270 in December to $0.55 today. Most recently, it has crashed for seven consecutive days and is hovering at its lowest level since April.
Cardano has formed a death cross pattern as the 50-day and 200-day moving averages crossed each other. This cross is one of the most bearish signs in technical analysis.
ADA price has also moved below the key support at $0.6182, its lowest swing on June 6. Most oscillators have also continued falling this month, a sign that the downward trend is gaining momentum.
Therefore, the token will likely continue falling as sellers target the key support at $0.5150, its lowest swing on April 7 and February 3. This price is also the lower side of the descending triangle pattern, a popular continuation sign.
A drop below that level will point to more downside, potentially to the support at $0.4535. A move above the resistance point at $0.6182 will invalidate the bearish outlook.
Chainlink price prediction
Chainlink price has crashed in the past few weeks, mirroring the performance of most altcoins. It has plunged from a high of $17.85 on May 12 to the current $11.90.
The ongoing crash happened after it formed an ascending channel, which connected the highest and lowest swings since April 7.
LINK price has moved below the 50-day and 200-day moving averages, while the Relative Strength Index and the MACD indicators have all pointed downwards. It has also dropped below the 78.6% Fibonacci Retracement level.
Therefore, the token will likely continue falling as sellers target the next key support at $10, the lowest point on April 7. A jump above the 200-day moving average at $15 will cancel the bearish outlook.
Shiba Inu price forecast
Shiba Inu, a once highly popular meme coin, has become a fallen angel as its crash accelerated. SHIB has plunged from a high of $0.00003342 in December to $0.00001080 today. It is loitering at the lowest swing since April 9.
Most recently, Shiba Inu price dived below the 50-day and 200-day moving averages. It is also eying the lowest swing on $0.00001030, the lowest level this year.
The Average Directional Index (ADX) has rallied, a sign that the downtrend momentum is strong. Therefore, the most likely scenario is where it continues falling as sellers target the next key support at $0.00001030. A move below that level will point to more downside.
Read more: Shiba Inu price prediction: mapping out potential SHIB scenarios
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