Monday’s downturn in crypto markets sent several tokens lower, with cardano, polkadot and shiba inu all falling by over 15%. Despite this, there were some notable exceptions which rose to start the week, WAVES being one of them.
WAVES was trading in the green on Monday, as prices rose by as much as 9% during the first trading day of the week.
Following yesterday’s low of $12.65, WAVES/USD rallied on Monday, hitting an intraday peak of $14.54 in the process.
Today’s surge saw price move away from the long-term support level of $12.40, which is an area it has hovered around for the last ten days.
Like most cryptos, WAVES has been trading lower for the past few sessions, with today’s rise ending a streak of two successive days of declines.
Looking at the chart, history shows us that bulls traditionally re-enter at the price range, as seen on February 28, which was when the last upswing began.
Although prices are still oversold, the RSI is currently hovering under resistance of 38, which will need to be broken if a bullish run were to continue.
Shiba Inu (SHIB)
The world’s second largest memecoin was also trading lower to start the week, as SHIB fell by over 20% on Monday.
SHIB slipped to an intraday bottom of $0.00001492 earlier in today’s session, following a top of $0.00001885 less than 24-hours prior.
Today’s low, which is the lowest level SHI/USD has traded since last October, comes following five straight sessions of declines.
Traders are likely looking to confirm if today’s bottom will act as a support point, following last week’s breakout of the previous floor of $0.00002010.
One sign that a floor may be nearing is the fact that the 14-day RSI is now tracking at its lowest level since last May.
So considering that prices are deeply oversold, could potentially entice longer-term bulls to buy the dip, in hopes of further rallies.
Do you expect more decline in SHIB, or have we found a floor? Let us know your thoughts in the comments.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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