After three straight days of declines, shiba inu rebounded on Saturday as the meme currency appears to have found a footing. Cosmos was also up, in what was mostly a bearish start to the weekend. As of this writing, the global crypto market capitalization is down 1.31%.
Shiba Inu (SHIB)
Shiba inu (SHIB) moved back into the green on Saturday as the token rallied after three consecutive days of declines. The world’s twelfth largest cryptocurrency hit an intraday high of $0.00001397 to start the weekend.
This came less than a day after meme currency prices hit a low of $0.00001270, which was below a key support point.
Looking at the chart, this price floor was the $0.00001290 mark, however the bulls resisted any further declines, pushing the SHIB back into the $0.00001300 region.
Today, the 14-day Relative Strength Index (RSI) stands at 52.13, slightly above the low of 51.44.
If the index continues to climb and approaches a high of 58, then we could see SHIB approaching $0.00001500.
Cosmos also traded slightly higher to start the weekend, after a recent string of losses. On Saturday, ATOM hit a high of $11.02, more than $1.00 higher than yesterday’s low of $10.20.
Yesterday’s bearish pressure was not enough to send ATOM lower. Below $10.00, the bulls return to the market, after a brief move below a key support point.
The low at $10.65 was slightly broken on Friday, but sentiment has since changed with some now pricing in a move closer to the high at $11.55.
As with SHIB, we would have to see if the bulls want to extend today’s rally, the RSI will have to increase significantly.
Currently, the index is tracking a low of 48.05, but whether it heads towards a high of 53 will have to be seen for prices to hit the potential target.
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