The cryptocurrency market faced losses on Monday, with most coins falling in value. Shiba Inu (SHIB) and Avalanche(AVAX), one of the biggest movers in the market, are trending differently.
Shiba Inu (SHIB) Holds Steady Amid Market Drop
Despite Monday’s market sell-off, Shiba Inu (SHIB) remained near recent highs and traded relatively steady throughout the day. The meme token touched a high of $0.0000148 earlier on Monday after hitting a four-month high of $0.0000159 on Saturday. However, traders quickly turned to profit-taking, causing the price of SHIB to drop.
The Relative Strength Index (RSI) also failed to break above the upper bound of the 80.00 level, causing the price of the coin to drop. As of writing, the index is tracking 77.02, with bulls refusing to breach the 75.00 bottom. In the coming days, SHIB bulls are expected to attempt to reclaim last week’s highs, but need to break above the 80.00 level first.
Avalanche (AVAX) Face Mini Bear Run
Avalanche (AVAX) faced price losses on Monday, trading near seven-day lows. After a Sunday high 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 break 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 strength index (RSI) at its lowest since Jan. 10. If the downward momentum continues, the price may bottom out at 55.00 and AVAX may fall below $19.00.