FLOW was trading higher on Thursday, as the token rallied upward following seven straight days of declines. The surge comes despite the global crypto market capitalization trading 1.14% lower as of writing. Shiba inu fell by nearly 10% in today’s session.
FLOW was one of Thursday’s notable movers, as the token rebounded following seven consecutive days of declines.
The drops in price saw FLOW hit a low of $2.54, which has also acted as a recent support point.
However, like on August 8, which is the last time prices were at this floor, bulls opted to reenter the market, sending FLOW/USD to a peak of $2.80 today.
Since colliding with the support point, it appears that FLOW bulls are now setting their sights on a resistance level at $3.00.
However, in order to move closer to this point, the token must first overcome an obstacle in the relative strength index (RSI).
As of writing, the index is at a reading of 60.32, which is marginally below a ceiling of 61.19, which has historically been an area where bears position themselves.
Whilst FLOW was up by nearly 10%, shiba inu (SHIB) was down by almost the same amount on Thursday.
SHIB/USD slipped to a low of $0.0000147 earlier in today’s session, which comes roughly four days after hitting a high of $0.00001774.
This was the highest point SHIB had climbed to since May 10, however bulls went on to retreat from their positions, sending prices lower.
Today’s decline comes as market uncertainty has heightened, which can be seen in the RSI indicator, which is currently trending sideways.
The index appears to be moving horizontally at the 62 level, which had acted as a resistance point in the past, and is now occupying the role of support.
If SHIB is to move back towards this week’s earlier highs, then the RSI will need to move beyond 62, and head closer to the 70 level.
Register your email here to get weekly price analysis updates sent to your inbox:
Could shiba inu rebound as we move closer to the weekend? Let us know your thoughts in the comments.