On Thursday, Shiba Inu bears put a stop to a three-day bull run as a red wave rushed over the cryptocurrency markets. The worldwide crypto market valuation dropped by as much as 1.50% during today's decline. As profit-seekers acted to secure recent gains, toncoin also fell.
Shiba Inu (SHIB)
During today's session, Shiba Inu (SHIB) declined as bears snapped a three-day winning streak.
SHIB/USD dropped to a low of $0.00000725 earlier in the day after reaching a high of $0.000007527 on Wednesday.
Bulls were unable to get past a ceiling around $0.00000755, which allowed downward pressure to take hold.
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| SHIB/USD--Daily Chart |
According to the chart, the change in momentum occurred when the relative strength index (RSI) failed to breach a significant ceiling.
The index is currently tracking at a reading of 40.09 after failing to break through a resistance level of 43.00.
A point of support at $0.00000710 may serve as the landing spot if price declines further in the ensuing days.
Token (TON)
On Thursday, Toncoin (TON) declined by as much as 7% after just reaching its highest level in nine months.
TON/USD hit a high of $2.49 less than 24 hours earlier and a low of $2.31 earlier in the day.
Toncoin bulls appeared to have decided to lock in profits after a recent climb to its highest level since late January, which led to the decline.
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| TON/USD--Daily Chart |
Toncoin's RSI is currently at 65.19 after tracking deeply in the overbought area over the previous few days.
It appears like 56.00 may be the next level of price support, which may indicate that additional profit-taking is likely to follow.
What location will Toncoin reach this week? Post your comments to let us know what you think.