Cryptocurrencies Price Prediction: Cardano, Bitcoin & Shiba Inu – European Wrap 24 August

Cardano Price Forecast: ADA needs at least 6% rally before bulls return

Cardano price slips into consolidation mode after August 17’s decline. The consolidation is an opportunity in disguise for sidelined buyers as the end of this accumulation phase is likely to result in another upside move to key resistance levels.

Cardano price has been on a steady downtrend since September 2021. From May 2022, however, ADA slipped into a consolidation phase. After 469 days of sideways moves, the altcoin currently trades at around $0.2668. 

Bitcoin: Bounce, rally yet to start

Crypto market capitalisation was up 1.6% over 24 hours to $1.066 trillion, with impressive gains on Wednesday afternoon. Following the strong rally in US tech stocks, buyers are gently picking up cryptocurrencies after the recent sell-off.

Bitcoin touched a low for the week of $25.33K - above the local June lows of $24.7K, fuelling hopes that the uptrend is still in play. Meanwhile, BTCUSD remains below its 200-week average and the lower boundary of its former bull corridor.

Shiba Inu whales accumulate 880 billion SHIB after botched Shibarium launch

Shiba Inu Layer 2 scaling solution Shibarium is gearing up for a relaunch of the protocol after the mainnet launch on August 17 got botched. SHIB investors lost 1,000 Ethereum tokens and nearly 600,000 BONE (a Shiba Inu ecosystem token) on the Shibarium bridge as the protocol was overwhelmed with user activity. 

Shytoshi Kusama, lead developer of Shiba Inu, shared updates of the testing and recovery of Shibarium, and a relaunch of the Layer 2 protocol is likely. In anticipation of the relaunch, large wallet investors have accumulated $7 million in SHIB tokens. This is considered a bullish sign for SHIB price recovery.