Crypto-currencies were mostly down in today’s session, as markets continued to react to historically low US unemployment numbers. Avalanche was down in today’s session, approaching a one-week low.
Shiba Inu (SHIB)
On Monday, shiba inu (SHIB) continued to trade relatively close to its recent highs, despite mostly declining crypto markets. SHIB hit a high of $0.0000148 earlier in the day, which follows a low at the $0.0000141 mark on Sunday.
The meme coin had hit a four-month high of $0.0000159 on Saturday, but has since fallen as traders look to secure profits.
Looking at the chart, the declines began when the Relative Strength Index (RSI) failed to break out of a ceiling at the 80.00 level. Currently, the index is now at 77.02, while the bulls have rejected the breakout from a floor at 75.00.
The bulls in the SHIB index will likely attempt to recapture last week’s high in the coming days, but they will need to break the 80.00 mark first.
Avalanche (AVAX), on the other hand, was mostly in the red early in the week, with prices closing in on a seven-day low. After peaking at $20.43 on Sunday, AVAX/USD fell to an intraday low of $19.74 earlier in the day.
The move sees AVAX fall for the third straight session, and follows a failed break of $22.00 resistance last Friday.
This mini bearish run follows a surge to a six-month high on Thursday, but as momentum has shifted, bearish sentiment has increased. This is largely due to the 14-day RSI, which is at 59.86, its lowest point since Jan. 10.
If the momentum continues downward, the price strength could be at a low of 55.00, with the AVAX likely below $19.00.