On Monday, the downturn in the cryptocurrency markets caused several tokens to fall: cardano, polkadot and shiba inu fell more than 15%. Despite this, there were a few notable exceptions that rose early in the week, and WAVES was one of them.
WAVES traded in the green on Monday as prices rose as much as 9% during the first trading day of the week.
After yesterday’s low of $12.65, WAVES/USD rallied Monday to an intraday peak of $14.54.
During today’s rally, the price moved away from the long-term support level of $12.40 around which it had been hovering for the past ten days.
Like most cryptocurrencies, WAVES has been trading lower over the past few sessions, and today’s rise ended a streak of two consecutive days of decline.
Looking at the chart, history shows that the bulls traditionally enter the price range, as they did on February 28 when the last rise began.
Although prices are still oversold, the RSI is currently under the 38 resistance level, which must be broken for the bullish rise to continue.
Shiba Inu (SHIB)
The world’s second-largest memcoin also traded lower early in the week as SHIB fell more than 20% on Monday.
SHIB dropped to an intraday bottom of $0.00001492 early in today’s session after topping out at $0.00001885 less than 24 hours earlier.
Today’s low, which is the lowest SHI/USD level since last October, came after five consecutive sessions of decline.
Traders are probably looking for confirmation as to whether today’s bottom will act as a support point after breaking through the previous bottom of $0.00002010 last week.
One sign that the bottom is approaching is the fact that the 14-day RSI is now at its lowest level since last May.
Thus, given that prices are deeply oversold, this may encourage long-term bulls to buy the drawdown in hopes of further upside.
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