Technical Analysis: SHIB Climbs 50% Higher, as Meme Coin Hits $16 Billion Market Cap

Shiba inu (SHIB) is up over 50% as of writing, with cryptocurrency markets persevering with to realize momentum to begin the week. The so-called ‘meme coin’ rally has seen SHIB recapture a $16 billion market capitalization.

Biggest gainers

On Monday, bitcoin (BTC) and ethereum (ETH) each reached multi-week highs, with DOGE and XRP additionally buying and selling over 10% larger, nonetheless, none of those got here near right this moment’s huge gainer.

Shiba inu (SHIB) was right this moment’s bull of the day, and was up by 48% as of writing, hitting an intraday excessive of $0.00003484 within the course of.

In the final 24-hours, shiba Inu has risen by over 70%, following its breakout of resistance at $0.00002332.

Today’s transfer has led to the 14-day RSI climbing by its most since October 29, when $SHIB traded at a now ATH of $0.00008894.

As seen from the chart, costs now commerce marginally over resistance of $0.00003374, which has been in value for everything of 2022 up to now.

Price presently tracks above the overbought threshold, nonetheless, many late entrants are positive to nonetheless enter the race.

Biggest losers

Following nearly 5-days of bullish strain, crypto bears have considerably been in hiding, and that continued on Monday.

Today’s greatest loser was LEO, which as of writing, is down round 2.60%, and comes as merchants look like caching out on final weeks’ earnings.

UNUS SED LEO has gained by as a lot as 40% in worth over the past 7-days, and with its 14-day RSI monitoring at 69.44, markets appear to have deemed this as being overbought.

Following its rally to a now all-time excessive of $5.44, LEO started to consolidate, and now appears to have discovered a short-term ceiling at $5.22.

Will the revenue takers proceed to liquidate their positions? Let us know your ideas within the feedback.