SHIB consolidates recent gains, as red wave hits cryptocurrency markets.
Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.Monday saw shiba inu continue to trade relatively close to recent highs, despite crypto markets mostly declining.
The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.Looking at the chart, the declines commenced as the relative strength index failed to break out of a ceiling at the 80.00 level. SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.Avalanche , on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.
The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.