Biggest Movers: SHIB Remains Close to Recent Highs as Crypto Markets Lower on Monday
Certainly as a result of more downside in the cryptocurrency markets, on Monday we can see Shiba Inu (SHIB) continue to trade near its recent highs and SHIB/USD touched a level of $0.0000148 earlier today Which is displayed after its low of $0.0000141 on Sunday. Mim Coin managed to reach its 4-month high of $0.0000159 on Saturday but has since recorded a decline as traders booked profits And looking at the chart we can say that the Relative Strength Index had failed to break out of the range of 80.00 level and at the time of writing we can say that the index is definitely tracking 77.02 at the moment , and this level appears only when the bulls reject the breakout of a floor at 75.00. In the coming days, the coin would certainly like to try to retest last week’s highs and go back to the member side but would need to move past the 80.00 mark first.
Avalanche (AVAX), on the other hand, sees us in the red to start the week as its prices hit a 7-day low. With certainty we can also say that by looking at the whole process we get to know and by looking at the market trend we can say that after the high of $20.43 on Sunday, AVAX/USD fell to the low of $19.74 on the first day. The move sees us falling for its third consecutive session following a failed breakout of its $22.00 resistance last Friday as well as the run we saw on Thursday after hitting a 6-month high while The momentum keeps changing and bearish sentiment is growing.
A large part of this we see is due to the 14-day Relative Strength Index, which is tracking at 59.86, which is its weakest point since January 10 and we can question whether this momentum is in a downward direction. Should move higher and price strength could bottom out at 55.00, with AVAX likely below $19.00.
