SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High  – Market Updates Bitcoin News

Date:


Shiba inu remained close to a three-month high to start the week, after breaking out of a key resistance level over the weekend. The surge of the meme coin came despite the crypto market mostly being in the red on Monday. Another token that rose during today’s bearish session was unus sed leo, which hit a two-week high.

Shiba inu (SHIB)

Shiba inu (SHIB) was a notable gainer to start the week, as the meme coin remained near to a three-month high.

Following an intraday high of $0.00001790 on Sunday, SHIB/USD rallied to a peak of $0.00001774 earlier in today’s session.

The initial surge came as SHIB broke out of a key price ceiling of $0.00001290, which had been holding firm since May 11.

SHIB/USD – Daily Chart

Looking at the chart, this came as the 14-day relative strength index (RSI) rose above its own resistance at 62.40.

After surging above this point, the index hit a high of 83.24, which is its strongest reading since October 2021.

Since this peak, the RSI has moved marginally lower, and as of writing is tracking at a point of 74.18.

Overall, it appears as if SHIB bulls have abandoned their previous positions, as a result of prices becoming overbought.

Unus Sed Leo (LEO)

In addition to SHIB, unus sed leo (LEO) was another big mover in today’s session, with it climbing to its highest point in two weeks.

LEO/USD raced to an intraday high of $5.35 to start this week’s session, as bulls attempted to break a resistance level of $5.40.

Today’s peak comes as the token rose for a fifth consecutive session, and in turn hit its highest point since July 29.

LEO/USD – Daily Chart

Similar to shiba inu earlier, the RSI indicator on LEO also climbed, moving past its own ceiling of 48.90.

As of writing, the index is now tracking at a peak of 58.72, which is its highest level since July 7.

Should bulls attempt to break the $5.40 point, then price strength will need to continue to climb, and move beyond the 60 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Will today’s bearish session extend into the remainder of the week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Bank of America Says Cryptocurrencies Continue to Act as Risk Assets

Ether continues to slide as investors shift to...

IOTA is up by more than 8% on Monday and could rally higher

The cryptocurrency market began the week poorly,...

Crypto Payments May Not Help Russia Bypass Sanctions, Experts Say – Finance Bitcoin News

Russia is preparing to authorize international crypto payments...