Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling
Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent three month high. The token has been in the green for the majority of today’s session, despite the global cryptocurrency market cap falling 1.28% at the time of writing. Polkadot was also higher, as it continued to trade above a key price ceiling.
Shiba inu (SHIB)
Shiba inu (SHIB) was a notable mover on Friday, with prices remaining close to yesterday’s three month high.
SHIB/USD rose to a high of $0.00001291 on Thursday, which was its strongest point since November, however fell lower, as bulls moved to take profits.
As traders abandoned their positions, SHIB fell to a low of $0.00001196 yesterday, however prices have since recovered, and are currently sitting at $0.00001251.
Looking at the chart, Thursday’s decline pushed SHIB towards a floor at 61.00 on the relative strength index (RSI), however bulls rejected a breakout.
As of writing this, the index is tracking at 69.41, which is marginally below a resistance point at 70.00.
In order for SHIB to recapture yesterday’s peak, this ceiling at 70.00 will first need to be broken.
Polkadot (DOT)
Polkadot (DOT) also maintained bullish momentum in today’s session, as the token continued to trade above a key resistance level.
After giving up a high of $6.84 on Thursday, DOT/USD dropped to a low of $6.53 later in the day.
The token has since rebounded, and as of writing this is currently trading at $6.79, which is marginally below a ceiling at $6.80.
Looking at the chart, the 14-day RSI indicator is at a reading of 66.53, and is fast approaching a ceiling of 68.00.
Similar to SHIB, DOT traders will need to race past this point in order for market momentum to remain bullish.
Should this happen, then it is possible that polkadot could move closer to the $7.00 mark.
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Could we see polkadot hit $7.00 before the end of the week? Let us know your thoughts in the comments.
Filed under: Bitcoin - @ February 3, 2023 5:04 pm