Monday’s downturn in crypto markets sent several tokens lower, with cardano, polkadot and shiba inu all falling by over 15%. However, some exceptions stood out and WAVES was one.
WAVER
WAVES trades in the green as WAVES prices rose by up to 9% the first day of trading.
Following yesterday’s low of $12.65, WAVES/USD rallied on Monday, hitting an intraday peak of $14.54 in the process.
Today’s surge saw price move away from the long-term support level of $12.40, which is an area it has hovered around for the last ten days.
Like most cryptos, WAVES has been trading lower for the past few sessions, with today’s rise ending a streak of two successive days of declines.
The chart shows that history has shown us that bulls re-enter at the same price as before the upswing. This was seen in February 28th.
Although the market is still in oversold territory, the RSI currently stands at 38. This resistance will have to be overcome if a bullish trend continues.
Shiba Inu (SHIB)
The world’s second largest memecoin was also trading lower to start the week, as SHIB fell by over 20% on Monday.
SHIB slipped to an intraday bottom of $0.00001492 earlier in today’s session, following a top of $0.00001885 less than 24-hours prior.
Today’s low, which is the lowest level SHI/USD has traded since last October, comes following five straight sessions of declines.
Traders are likely looking to confirm if today’s bottom will act as a support point, following last week’s breakout of the previous floor of $0.00002010.
A sign of a nearing floor is that the 14-day RSI has now fallen to its lowest point since May.
You might think that the prices are oversold and could tempt longer-term bulls into buying the dip in hope of more rallies.
Are you expecting more drop in SHIB or do you think we have found a floor to our expectations? Please share your views with us in the comments.
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