After three straight days of declines, shiba inu rebounded on Saturday, as the meme currency seems to have found a point of support. Cosmos was also up, in what was mostly a bearish start to the weekend. As of this writing, the global crypto market cap is down 1.31%.
Shiba Inu (SHIB)
Shiba inu (SHIB) returned to the green on Saturday, as the token recovered from three consecutive days of declines. The world’s twelfth largest crypto-currency hit an intraday high of $0.00001397 to start the weekend.
This came less than a day after the meme currency’s prices hit a low of $0.00001270, which was below a key support point.
Looking at the chart, this price floor was the $0.00001290 mark, however the bulls resisted any further decline, pushing the SHIB back into the $0.00001300 region.
Today, the 14-day Relative Strength Index (RSI) stands at 52.13, which is slightly above the 51.44 low.
If the index continues to climb and approaches a ceiling of 58, then we could see SHIB approaching $0.00001500.
Cosmos also traded slightly higher to start the weekend, after a recent string of losses. On Saturday, ATOM hit a high of $11.02, more than $1.00 higher than yesterday’s low of $10.20.
Yesterday’s bearish pressure was not enough to send ATOM lower. Below $10.00, the bulls return to the market, after a brief move below a key support point.
The low at $10.65 was broken slightly on Friday, but sentiment has since changed with some now anticipating a move closer to the $11.55 ceiling.
As for SHIB, we would have to see if the bulls want to extend today’s rally, the RSI will have to rise significantly.
Currently, the index is tracking a low of 48.05, but we’ll have to see if it heads towards a ceiling of 53 for prices to reach the potential target.