After breaking through a critical resistance level on the weekend, Shiba Inu was close to its three-month peak to begin the week. Despite crypto markets being mostly negative on Monday, there was a surge for the meme coin. 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 the notable gainer of the week to start, with the meme coin remaining close to its 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.
SHIB broke through the $0.00001290 price barrier, which was in place since May 11, and caused an initial surge.
The chart shows that this occurred as the 14 day relative strength index (RSI), rose above its resistance of 62.40.
The index climbed above the point and reached a peak of 83.24. This is the highest reading it has seen since October 2021.
The RSI moved slightly lower since the peak and is currently at 74.18.
It appears that SHIB bulls are abandoning their positions as prices have become too high.
Unus Sed 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.
The RSI indicator for LEO also climbed like shiba, surpassing its previous ceiling of 48.90.
At the time of writing, index tracking is at an all-time high of 58.72. This is its highest level since July 7.
If bulls are able to breach the $5.40 mark, price strength must continue climbing and surpass the 60 level.
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Will today’s bearish session extend into the remainder of the week? Please share your views with us in the comments.
Image creditShutterstock.com – Dennis Diatel, Pixabay and Wiki Commons
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