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

Shiba inu (SHIB) is up implicit 50% arsenic of writing, with cryptocurrency markets continuing to summation momentum to commencement the week. The alleged ‘meme coin’ rally has seen SHIB recapture a $16 cardinal marketplace capitalization.

Biggest gainers

On Monday, bitcoin (BTC) and ethereum (ETH) some reached multi-week highs, with DOGE and XRP besides trading implicit 10% higher, however, nary of these came adjacent to today’s large gainer.

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

In the past 24-hours, shiba Inu has risen by implicit 70%, pursuing its breakout of absorption astatine $0.00002332.

Today’s determination has led to the 14-day RSI climbing by its astir since October 29, erstwhile $SHIB traded astatine a present ATH of $0.00008894.

SHIB/USD – Daily Chart

As seen from the chart, prices present commercialized marginally implicit absorption of $0.00003374, which has been successful terms for the entirety of 2022 frankincense far.

Price presently tracks supra the overbought threshold, however, galore precocious entrants are definite to inactive participate the race.

Biggest losers

Following astir 5-days of bullish pressure, crypto bears person somewhat been successful hiding, and that continued connected Monday.

Today’s biggest loser was LEO, which arsenic of writing, is down astir 2.60%, and comes arsenic traders look to beryllium caching retired connected past weeks’ profits.

UNUS SED LEO has gained by arsenic overmuch arsenic 40% successful worth implicit the past 7-days, and with its 14-day RSI tracking astatine 69.44, markets look to person deemed this arsenic being overbought.

LEO/USD – Daily Chart

Following its rally to a present all-time precocious of $5.44, LEO began to consolidate, and present seems to person recovered a short-term ceiling astatine $5.22.

Will the nett takers proceed to liquidate their positions? Let america cognize your thoughts successful the comments.

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