After breaking above a key resistance level over the weekend, the Shiba Inu started the week with a near three-month high. The meme coin surge came despite the crypto market being mostly in the red on Monday. Another coin that rose during today’s bearish session was unus sed leo, which hit a two-week high.
Shiba Inu (SHIB)
The Shiba Inu (SHIB) was a notable gainer at the start of the week, as the meme coin held near a three-month high.
After Sunday’s intraday high of $0.0001790, SHIB/USD peaked at $0.00001774 earlier in today’s session.
The initial bounce came when SHIB broke the key price range of $0.00001290, which had been stable since May 11.
Looking at the charts, this comes as the 14-day Relative Strength Index (RSI) climbed above its own resistance at 62.40.
After rising above this point, the index touched a high of 83.24, its strongest reading since October 2021.
Since this peak, the RSI has moved down slightly, and is tracking the point of 74.18 as of writing.
Overall, it appears as if the SHIB bulls have relinquished their previous positions as the prices are becoming overbought.
Yunus Said Leo (LEO)
Besides SHIB, unus sed Leo (LEO) was another big mover in today’s session, climbing to its highest point in two weeks.
LEO/USD rose to an intraday high of $5.35 to start this week’s session as the bulls attempted to break the $5.40 resistance level.
Today’s peak comes as the token rose for the fifth consecutive session, and in turn rose to its highest point since July 29.
Like the Shiba Inu before, the RSI indicator on LEO also climbed, crossing its range of 48.90.
At the time of writing, the index is now trading at a peak of 58.72, the highest level since July 7.
If the bulls attempt to break the $5.40 point, the price strength will have to continue to climb and move beyond the 60 mark.
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Will today’s bearish session last the rest of the week? Let us know your thoughts in the comments.
image credit: Shutterstock, Pixabay, WikiCommons, Dennis Dietel / Shutterstock
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