Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.
Shiba Inu (SHIB)
Monday saw shiba inu (SHIB) continue to trade relatively close to recent highs, despite crypto markets mostly declining.
SHIB/USD hit a high of $0.0000148 earlier today, which comes following a bottom at the $0.0000141 mark on Sunday.
The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.
SHIB/USD – Daily Chart
Looking at the chart, the declines commenced as the relative strength index (RSI) failed to break out of a ceiling at the 80.00 level.
As of writing, the index is now tracking at 77.02, which comes as bulls rejected a breakout of a floor at 75.00.
SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.
Avalanche (AVAX), on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.
Following a high of $20.43 on Sunday, AVAX/USD dropped to an intraday low of $19.74 earlier in the day.
The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.
AVAX/USD – Daily Chart
This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.
A big part of this is due to the 14-day RSI, which is tracking at 59.86, its weakest point since January 10.
Should momentum now continue in a downward direction, price strength could land at a floor of 55.00, with AVAX likely under $19.00.
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Do you expect avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.
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