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

News Feed - 2022-02-08 03:02:52

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 continuing to gain momentum to start 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) both reached multi-week highs, with DOGE and XRP also trading over 10% higher, however, none of these came close to today’s big gainer.


Shiba inu (SHIB) was today’s bull of the day, and was up by 48% as of writing, hitting an intraday high of $0.00003484 in the process.


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


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


As seen from the chart, prices now trade marginally over resistance of $0.00003374, which has been in price for the entirety of 2022 thus far.


Price currently tracks above the overbought threshold, however, many late entrants are sure to still enter the race.


Biggest losers


Following almost 5-days of bullish pressure, crypto bears have somewhat been in hiding, and that continued on Monday.


Today’s biggest loser was LEO, which as of writing, is down around 2.60%, and comes as traders appear to be caching out on last weeks’ profits.


UNUS SED LEO has gained by as much as 40% in value over the last 7-days, and with its 14-day RSI tracking at 69.44, markets seem to have deemed this as being overbought. LEO/USD – Daily Chart


Following its rally to a now all-time high of $5.44, LEO began to consolidate, and now seems to have found a short-term ceiling at $5.22. Tags in this story LEO, Meme Coin, Meme Coin Prices, shib, shiba inu


Will the profit takers continue to liquidate their positions? Let us know your thoughts in the comments. Eliman Dambell


Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: Bitcoin Hits $40,000, as LEO Leads Friday Rally MARKET UPDATES | 3 days ago Bitcoin, Ethereum Technical Analysis: ETH up Nearly 10%, Crypto Markets Rally MARKET UPDATES | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCrypto Economy Recaptures $2 Trillion, Bitcoin Moves Back Into the World’s Top 10 Most Valuable Assets Next article17 Crypto Firms Form a Market Integrity Coalition Aimed at Bolstering a Sensibly-Regulated Industry Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBlockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank


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