Technical Analysis: Flow Moves Higher, as SHIB Climbs 12%
Following a 12% decline yesterday, shiba inu (SHIB) rose by that same percentage today, as bulls once again boarded the rocket ship. This comes as prices of FLOW were also higher during the session.
Price movement in SHIB continues to be volatile, with the meme coin rising by as much as 60% in the last week.
However, it was FLOW that secured the title bull of the day, as it rose by as much as 20% in today’s session.
FLOW/USD, which was trading at a low of $7.01 on Tuesday, climbed to an intraday high of $8.52 earlier today.
This move saw FLOW once again hit its long-term resistance level of $8.25, a level which has been in place for the majority of this year so far.
This recent surge led to price strength moving into overbought territory, with a current reading of 65, which is its highest level since August 29.
With prices not only overbought but also trading at resistance, today’s rise which currently stands at 17.87%, may be approaching its end.
There seems to be a trend forming, where one day’s biggest bull turns out to be the biggest bear the very next day.
Following a 50% rise on Monday, SHIB fell by double digits yesterday, and now LEO has followed this pattern today.
LEO/USD, which hit a high of $7.70 on Tuesday, fell to an intraday low of $6.68 during the course of today’s session.
The move appears to have begun at what appears to be a short-term ceiling of $7.66, and comes as price strength also reversed.
After such a rapid rise in value yesterday, it was inevitable that profit-takers would look to secure winnings.
Has the tide already turned on LEO, or will we see further rises this week? Let us know your thoughts in the comments.