As the broader market continues its steady slump, Shiba Inu and IOTA see a breakdown below the 61.8% Fibonacci level. Moreover, Cardano bears breached the crucial $1.26-mark while the near-term technicals for all these cryptos demonstrated a bearish bias. 

Cardano (A)

A continued its bearish streak and formed a descending triangle on its 4-hour chart over the past five days. As the alt saw a 13.05% breakdown from the rising wedge, the price action steeply plunged to poke the $1.19-mark on 11 December. 

The bears retested the $1.26-mark (20-week resistance) four times before sustaining the price below that level. Over the past two days, A bulls tried to test the above mark thrice but failed to surpass it. This sustained selling pressure has accelerated the alts’ long-term bearish movement.

At press time, A traded at $1.24. The RSI exhibited a bearish inclination and seemed to head south. Further, the DMI implied a seller’s market but flashed a weak directional trend. Now, the immediate hurdle for the bulls stood at the upper trendline and the 20-SMA (green).

Shiba Inu (SHIB)

SHIB saw a breakdown from its V-top on 2 December and formed a descending channel (yellow) over the past 11 days. The alt witnessed an over 37% 15-day decline in its value.

This fall breached the golden 61.8% Fibonacci level while the bears also snapped the crucial $0.000035 resistance. Now, the midline (white, dashed) of the down-channel along with the aforestated level became immediate hurdles for SHIB bulls to conquer.

After attaining its lifetime milestone, SHIB lost over 62% of its value in the past 48 days. At press time, SHIB traded at $0.00003318.

Throughout this month, the RSI failed to sustain itself above the midline. The DMI, however, displayed a slight bullish preference but its lines seemed to be on the verge of a bearish crossover. Besides, the X displayed a weak directional trend.

IOTA

IOTA saw a substantial up-channel breakdown on 4 December and marked a falling wedge over the past ten days. Like SHIB, IOTA breached the golden Fibonacci level below its two-month resistance at the $1.18-mark. With this downfall, it invalidated its long-term bullish trend.

IOTA slackened aggressively after hitting its two-month high at $1.66 on 25 November. It lost nearly 37.2% of its value in just 20 days.

At press time, IOTA traded at $1.0451. The near-term technicals hinted at increasing bearish power. The RSI visibly chose the bears after a sharp plunge looking to head south. Further, the DMI lines looked in the opposite directions and confirmed the increasing bearish vigor.

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