On Monday, Shiba Inu stayed close to its recent two-month peak, reflecting a mostly optimistic outlook on the meme cryptocurrency. This positive sentiment was evident even as the overall cryptocurrency market capitalization largely remained stable during the day’s trading. Another standout was Bitcoin Cash, which saw a rise of over 4%.
Shiba Inu (SHIB)
SHIB/USD – Daily Chart
As of now, the index sits at 64.41, with the following conspicuous resistance point at 68.00.
If the RSI reaches this level, it is expected that SHIB may encounter a resistance around the $0.00000885 mark.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) marked the day’s trading by making substantial gains, increasing by as much as 4% at the start of the week.
BCH/USD spiked to $258.30 early in the day, up from Sunday’s low of $243.34.
This advancement has kept the cryptocurrency close to the previous day’s two-week peak of $266.29.
BCH/USD – Daily Chart
However, earlier gains have since pulled back, as the price met resistance at the 56.00 level.
The RSI currently stands at 53.23, seemingly moving towards a base around the 50.00 level.
Should the price continue to slide, it could hit the $240.00 mark, which might be the bears’ target.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Movements
How did Shiba Inu (SHIB) perform at the start of the week?
Shiba Inu (SHIB) started the week strong, remaining close to a two-month high. The momentum in the meme coin stayed bullish, with SHIB/USD rebounding from Sunday’s low to an intraday high early Monday. The Relative Strength Index (RSI) also bounced from a support point and was tracking at 64.41 at the time of writing.
How did Bitcoin Cash (BCH) perform on Monday?
Bitcoin Cash (BCH) was another notable performer on Monday, starting the week with an increase of over 4%. The cryptocurrency peaked at $258.30 during the day’s trading session and continued to trade near the previous day’s two-week high. However, earlier gains had pulled back slightly due to resistance at the 56.00 level.
What is the overall sentiment in the cryptocurrency market?
Despite the bullish performance of Shiba Inu and Bitcoin Cash, the overall cryptocurrency market capitalization was mostly consolidating during Monday’s session.
What are the future expectations for Shiba Inu (SHIB) and Bitcoin Cash (BCH)?
If the Relative Strength Index (RSI) for SHIB reaches the next resistance point at 68.00, it’s expected that SHIB may encounter resistance around the $0.00000885 mark. As for Bitcoin Cash, if the decline continues and the RSI moves towards a base around the 50.00 level, the price could hit the $240.00 mark.
How can I stay updated on the price analysis of these cryptocurrencies?
You can stay updated by registering your email to receive weekly price analysis updates. This will provide insights and trends directly to your inbox.
More about Cryptocurrency Market Movements
- Learn more about Shiba Inu (SHIB)
- Explore Bitcoin Cash (BCH) Market Analysis
- Understand Relative Strength Index (RSI)
- Keep up with Cryptocurrency Market Trends
- Register for Weekly Technical Analysis Report