SHIB drops 20% on Monday, as it hits its lowest point since last October.
Monday’s downturn in crypto markets sent several tokens lower, with cardano, polkadot and shiba inu all falling by over 15%. Despite this, there were some notable exceptions which rose to start the week, WAVES being one of them.WAVES was trading in the green on Monday, as prices rose by as much as 9% during the first trading day of the week.
Today’s surge saw price move away from the long-term support level of $12.40, which is an area it has hovered around for the last ten days.Like most cryptos, WAVES has been trading lower for the past few sessions, with today’s rise ending a streak of two successive days of declines. Although prices are still oversold, the RSI is currently hovering under resistance of 38, which will need to be broken if a bullish run were to continue.The world’s second largest memecoin was also trading lower to start the week, as SHIB fell by over 20% on Monday.
Today’s low, which is the lowest level SHI/USD has traded since last October, comes following five straight sessions of declines.Traders are likely looking to confirm if today’s bottom will act as a support point, following last week’s breakout of the previous floor of $0.00002010.
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