SHIB Stays Near 3-Month High, While LEO Hits 2-Week High – Market Updates Bitcoin News
The Shiba Inu held close to three-month highs to start the week, having broken out of a key resistance level at the weekend. The rise of the meme coin came despite the crypto market being largely in the red on Monday. Another sign that rose during today’s bearish session was unus sed leo, which hit a two-week high.
Shiba inu (SHIB)
Shiba inu (SHIB) was a notable winner to start the week, as the meme coin held close to three-month highs.
After an intraday high of $0.00001790 on Sunday, SHIB/USD rallied to a high of $0.00001774 earlier in today’s session.
The first increase came when SHIB broke out of a key price ceiling at $0.00001290, which had held firm since May 11.
Looking at the chart, this came as the 14-day relative strength index (RSI) rose above its own resistance at 62.40.
After rising above this point, the index peaked at 83.24, which is the strongest reading since October 2021.
Since this peak, the RSI has moved marginally lower, and is currently following at a point of 74.18.
Overall, SHIB bulls appear to have abandoned their previous positions, as prices have become overbought.
Unus Sed Leo (LEO)
In addition to SHIB, unus sed leo (LEO) was another big mover in today’s session, climbing to its highest point in two weeks.
LEO/USD rallied to an intraday high of $5.35 to start this week’s session, as bulls attempted to break a resistance level of $5.40.
The day’s peak comes as the token rose for a fifth consecutive session, again reaching its highest point since July 29.
Like the shiba inu earlier, the RSI indicator on the LEO also climbed, moving past its own ceiling of 48.90.
At the time of writing, the index is now following a peak of 58.72, which is the highest level since 7 July.
Should bulls attempt to break the $5.40 point, price strength must continue to climb and move past the 60 mark.
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Will today’s bearish session extend into the rest of the week? Let us know your thoughts in the comments.
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