Shiba inu rose for a third consecutive session on Monday, as the meme coin continued to move away from last week’s lows. Today’s surge comes as the global cryptocurrency market cap was largely unchanged, and is down 0.01% as of writing. Monero was another notable mover to start the week, as it too rose in back-to-back sessions.
Shiba Inu (SHIB)
Shiba inu (SHIB) was in the green to start the week, as the meme coin rose for a third consecutive session.
Following a low of $0.00000848 on Sunday, SHIB/USD surged to an intraday high of $0.00000875 earlier today.
The move saw the token continue to climb away from last week’s low of $0.00000800, which was its weakest point since June.
SHIB/USD – Daily Chart
Looking at the chart, SHIB has somewhat retreated from earlier highs, as price uncertainty increased, as the coin edged closer to a key resistance level.
As of writing, shiba inu is trading at $0.000008684, which is below today’s top, and below a ceiling of $0.000008800.
This comes as the relative strength index (RSI) collided with, but failed to break out of, its own resistance point at the 43.00 mark.
Monero (XMR) was another notable token to climb on Monday, as it also extended a recent bull run.
XMR/USD rose for a third straight day to start the week, hitting a high of $145.97 in the process.
Monday’s move comes as monero continues to move away from a recent support point of $140.00, which was last hit this past Saturday.
XMR/USD – Daily Chart
As a result of today’s surge, the RSI of 14 days is now hovering around a ceiling at the 53.00 mark, which seems to be an obstacle preventing any further upward moves.
Should this ceiling be broken, the target for XMR bulls will likely be a ceiling of $150.00, which is where the token was trading prior to last week’s U.S. Federal Reserve interest rate decision.
As of writing, XMR/USD is trading at $145.25, which is still 1.42% higher than Sunday’s low of $143.00.
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Will we see XMR hit $150.00 before Christmas day? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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