Following three consecutive days of declines, shiba inu rebounded on Saturday, as the meme coin appears to have found a support point. Cosmos was also higher, in what has mostly been a bearish start to the weekend. As of writing, the global crypto market cap is down 1.31%.
Shiba Inu (SHIB)
Shiba inu (SHIB) was back in the green on Saturday, as the token rallied following three straight days of declines.
The world’s twelfth-largest cryptocurrency rose to an intraday peak of $0.00001397 to start the weekend.
This came less than a day after prices of the meme coin were at 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 bulls resisted any further declines, pushing SHIB/USD back into the $0.00001300 region.
As of writing, the 14-day relative strength index (RSI) is tracking at 52.13, which is marginally above a floor of 51.44.
Should the index continue to climb, and move towards a ceiling of 58, then we may see SHIB move closer to $0.00001500.
Cosmos (ATOM) was also trading slightly higher to start the weekend, as it too recovered from a recent losing streak.
Saturday saw ATOM/USD race to a high of $11.02, which is over $1.00 higher than yesterday’s bottom below $10.20.
Yesterday’s bearish pressure was not enough to send ATOM below $10.00, with bulls returning to the market, after a brief move below a key support point.
The floor at $10.65 was marginally broken on Friday, however sentiment has since shifted, with some now anticipating a move nearer to a ceiling of $11.55.
As with SHIB, should ATOM bulls want to extend today’s rally, the RSI will need to significantly rise.
Currently the index is tracking at a floor of 48.05, however it would need to move towards a ceiling of 53 for prices to reach the potential target.
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Do you expect cosmos to hit $11.55 this weekend? 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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