Shiba inu have been relatively stable at the start of the week, as prices held close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session as markets continued to react to the historically low US unemployment numbers. Avalanche dipped in today’s session, nearing a 1-week low.
Shiba Inu (SHIB)
On Monday, shiba inu (SHIB) continued to trade relatively close to recent highs, despite crypto markets mostly declining.
SHIB/USD reached a high of $0.0000148 today, which comes after a low at the $0.0000141 mark on Sunday.
The meme coin had rallied to a four-month high of $0.0000159 on Saturday, however it has since declined as traders moved to lock in profits.
Looking at the chart, the declines started when the RSI failed to break a ceiling at the 80.00 level.
At time of writing, the index now sits at 77.02, which comes as bulls rejected a bottom break at 75.00.
SHIB bulls are likely to try to recapture last week’s high in the coming days, however they will need to break above the 80.00 mark first.
Avalanche (AVAX)
Avalanche (AVAX), on the other hand, was mostly in the red at the start of the week, as prices moved near a seven-day low.
Following a high of $20.43 on Sunday, AVAX/USD fell to an intraday low of $19.74 earlier in the day.
The move sees AVAX drop for the third session in a row, and it comes after a failed break of its $22.00 resistance last Friday.
This mini-bearish run comes after a rise to a six-month high on Thursday, however as momentum has turned, bearish sentiment has increased.
A large part of this is due to the 14-day RSI, which sits at 59.86, its weakest point since January 10.
If the momentum now continues in the downside, price strength could land at a 55.00 floor, with AVAX likely below $19.00.
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Do you expect the avalanche bulls to avoid a move below $19.00 this week? Let us know your thoughts in the comments.
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