Technical Analysis: LEO up 60% Today, SHIB Falls Lower Following Monday’s Gains
Shiba inu’s (SHIB) 50% rise on Tuesday, seems to have inspired LEO bulls, who moved to push prices up by 61% in today’s session. The move comes as crypto markets consolidated yesterday’s gains.
Biggest gainers
Monday’s biggest loser, was Tuesday’s biggest gainer, as UNUS SED LEO was up by as much as 61% as of writing.
LEO/USD rose to an intraday high of $8.04 during today’s session, after trading at a low of $4.82 to start the week.
The move comes following a breakout of the $5.40 resistance level, which was formed last Friday, and in place up until today.
As a result of the rally, the 14-day RSI surged to a high of 81, which was a level that was also captured on Friday, following another sizeable price swing.
However, as seen from the last time the RSI tracked at this level, bears swiftly re-entered, as prices appear to be overbought.
There has already been some profit-taking from today’s swing, as early entrants look to avoid falling victim to a reversal similar to last week’s move.
Biggest losers
Following a rise of over 50% on Monday, Shiba Inu was trading close to 14% lower on Tuesday, however, this was not today’s bear of the day.
Yesterday’s biggest bull turned bear during the session, as traders appear to have parachuted from the rocket ship to the moon.
$SHIB was down 12.90% as of writing, falling to an intraday low of $0.00002953 in the process, as it once again fell below resistance of $0.00003406.
The move halted what seemed to be an imminent upside crossover of the 10-day (red) and 25-day (blue) moving average.
Has the tide already turned on SHIB, or will we see further rises this week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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