Cryptocurrency Markets Fall on Monday, Shiba Inu (SHIB) Makes Prime Positive factors

The cryptocurrency market confronted losses on Monday, with most cash falling in worth. Shiba Inu (SHIB) and Avalanche (AVAX), one of many greatest movers out there, are trending otherwise.

Shiba Inu (SHIB) Holds Regular Amid Market Drop

Regardless of Monday’s market sell-off, Shiba Inu (SHIB) remained close to latest highs and traded comparatively regular all through the day. The meme token touched a excessive of $0.0000148 earlier on Monday after hitting a four-month excessive of $0.0000159 on Saturday. Nonetheless, merchants shortly turned to profit-taking, inflicting the worth of SHIB to drop.

The Relative Power Index (RSI) additionally failed to interrupt above the higher certain of the 80.00 degree, inflicting the worth of the coin to drop. As of writing, the index is monitoring 77.02, with bulls refusing to breach the 75.00 backside. Within the coming days, SHIB bulls are anticipated to try to reclaim final week’s highs, however want to interrupt above the 80.00 degree first.

Avalanche (AVAX) Face Mini Bear Run

Avalanche (AVAX) confronted worth losses on Monday, buying and selling close to seven-day lows. After a Sunday excessive of $20.43, the token fell to an intraday low of $19.74. It marked AVAX’s third straight session of losses after failing to interrupt above $22.00 resistance on Friday.

The shift in momentum and rising bearish sentiment resulted in a small bear market, with the 14-day relative energy index (RSI) at its lowest since Jan. 10. If the downward momentum continues, the worth could backside out at 55.00 and AVAX could fall beneath $19.00.