SHIB Remains Near Recent Highs as Crypto Markets Drop Monday – Market Updates
Shiba Inu was relatively stable at the start of the week as prices stayed close to recent highs despite Monday’s sell-off. cryptocurrencies were mostly lower in today’s session as markets continued to react to historically low US unemployment numbers. Avalanche was down in today’s session, nearing a one-week low.
Shiba Inu (SHIB)
On Monday, Shiba Inu (SHIB) continued to trade relatively close to recent highs despite crypto markets mostly being down.
SHIB/USD hit a high of $0.0000148 earlier today, following Sunday’s low of $0.0000141.
The meme coin had surged to a four-month high of $0.0000159 on Saturday but has since declined as traders scramble to lock in gains.
Looking at the chart, the declines started when the Relative Strengthindex (RSI) failed to break a ceiling at 80.00.
As of this writing, the index is now tracking 77.02 as bulls rejected a breakout of a floor at 75.00.
SHIB bulls are likely to attempt a revisit of last week’s high in the coming days but need to clear 80.00 first.
Avalanches (AVAX)
Avalanche (AVAX), on the other hand, started the week mostly lower as prices hovered near a seven-day low.
Earlier in the day, AVAX/USD fell to an intraday low of $19.74 from a high of $20.43 on Sunday.
The move drops AVAX for the third straight day, following a failed breakout above the Resistance from $22.00 last Friday.
This mini bear run follows a rally to a six-month high on Thursday, but as momentum has shifted, bearish sentiment has picked up.
A large part of this is due to the 14-day RSI coming in at 59.86, its weakest point since Jan 10th.
If momentum continues lower now, price strength could land at 55.00 bottom with AVAX likely below $19.00.
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Expect Avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
