Tuesday, 28 February 2023
by Berkeley Lovelace
Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on Feb. 27. At the time of writing, the global market cap is currently up 0.83%, as volatility has intensified. Litecoin also rebounded on Monday, hitting a four-day high.
Shiba inu (SHIB) continued to move away from a recent support point to start the week, as prices rose marginally higher on Monday.
Following a low $0.0000124 on Sunday, SHIB/USD raced to an intraday high of $0.00001307 earlier today.
This move comes as the meme coin bounced from its long-term price floor at the $0.00001230 mark.
Overall, SHIB is down 7% in the last seven days, and this comes following a downward cross of the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the relative strength index (RSI) of 14 days has also failed to move past a ceiling at the 52.00 mark
The index is now tracking at 50.44, which comes after bulls rejected a breakout of a floor at 49.00.
In addition to SHIB, litecoin (LTC) also climbed higher, hitting a four-day high in the process.
LTC/USD moved to a peak of $95.58 to start the week, after ending the weekend trading at a bottom of $93.79.
As a result of today’s gains, the token is now trading at its strongest point since last week, Thursday.
The initial move came following a breakout of a resistance point of 50.00 on the RSI indicator.
As of writing, the index is hovering slightly above this mark, with a current reading of 50.43.
LTC has since declined, and is now at $94.64, which appears to be a result of price strength tracking near a ceiling.
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