Top Market Movers: SHIB Achieves Six-Day High Over the Weekend
On Saturday, the shiba inu cryptocurrency saw a noteworthy resurgence, marking its highest point since the preceding Monday, as bullish momentum cautiously returned to the crypto market. The meme coin, known as SHIB, recorded a substantial 4% increase in value on Saturday, coinciding with gradual gains in the global cryptocurrency market capitalization as the weekend commenced. Additionally, Solana emerged as another prominent performer, surpassing the $22.00 threshold.
Shiba Inu (SHIB)
SHIB exhibited a commendable performance, marking its third consecutive day of gains on Saturday, with the meme coin surging by nearly 4% within the day.
After hitting a low of $0.000006828 on Friday, the SHIB/USD trading pair ascended to a peak of $0.000007099 to kick off the weekend.
This achievement represents the highest level SHIB has attained since Monday, when its price reached a peak of $0.00000721.
SHIB/USD – Daily Chart
The rally commenced following a rejection of a breakdown below the $0.00000670 support level earlier in the week. Presently, it appears that bullish momentum is aiming to drive the coin towards a resistance level at $0.00000760.
Analyzing the chart, it is evident that this surge has resulted in the relative strength index (RSI) surpassing its previous ceiling at 45.00.
At the time of this report, the RSI is currently at 46.39, with the next prominent resistance point situated at 51.00.
Solana, represented by the SOL cryptocurrency, continued its upward trajectory as the weekend commenced, with the digital asset finally breaking above the $22.00 mark.
The SOL/USD trading pair reached its peak at $22.20 earlier in today’s session, following a low of $21.39 recorded on Friday.
However, as the day progressed, earlier gains began to subside, likely due to profit-taking by bullish traders.
SOL/USD – Daily Chart
One contributing factor to this pullback may be attributed to the relative strength index (RSI), which encountered resistance in the vicinity of the 53.00 region.
At present, the RSI is tracking at 53.02, while Solana’s price is trading at $21.92, signifying a shift in momentum.
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Weekly Technical Analysis Report
A recap of the week’s significant cryptocurrency news
The question remains: will Solana maintain its position above $22.00 for the remainder of the weekend? We invite you to share your insights and opinions in the comments section below.
Frequently Asked Questions (FAQs) about Cryptocurrency Market
What is the significance of SHIB’s recent surge?
SHIB’s surge marks its highest point since Monday, signaling renewed bullish momentum in the crypto market.
How much did SHIB’s value increase on Saturday?
SHIB’s value rose by nearly 4% on Saturday, contributing to its positive performance.
Why did Solana’s gains ease as the day progressed?
Solana’s gains tapered off as the day matured, possibly due to profit-taking by bullish traders.
What is the current RSI level for SHIB and Solana?
At the time of reporting, SHIB’s RSI stands at 46.39, while Solana’s RSI is tracking at 53.02.
Where can I register for weekly price analysis updates?
You can register for weekly price analysis updates by signing up in the provided link under “Weekly Technical Analysis Report.”
Will Solana maintain its position above $22.00 throughout the weekend?
The text does not provide a definitive answer to this question, as it seeks input from readers in the comments section.