SHIB 20% Higher, as DOGE Hits 5-Month High – Market Updates Bitcoin News

Meme coins trade significantly higher as both shiba and dogecoin rose over 20% on Saturday. Shiba inu rallied to a six-week high in today’s session, as the token broke out of a key resistance level. Dogecoin has extended its gains and reached a 5-month high.

Shiba Inu (SHIB)

Shiba inu SHIB (Shiba Inu) reached a 6-week peak to open the weekend. On Saturday, the token rose by 20%.

The SHIB/USD soared to a $0.000012668 peak earlier today. This comes just a day after the low of $0.0000106.

Today’s move pushed prices of the meme coin to their highest point since September 13, breaking out of a resistance point in the process.

SHIB/USD – Daily Chart

The chart shows that the ceiling at $0.00001230 was in effect since September.

SHIB is now slightly below its earlier peak, as the key resistance point and 14-day relative strength indicator (RSI), collide.

The current index reading is 69.38. This is slightly below the ceiling of 70.00.

Dogecoin, (DOGE).

Dogecoin (DOGE) extended its bull run for a fifth straight session, with the token trading over 30% higher in today’s session.

Following yesterday’s low of $0.08073, DOGE/USD was able to climb to a high of $0.1076 earlier today.

The meme coin has seen its trading volume rise to its highest point since May 11th, thanks to its gains during the weekend.

DOGE/USD – Daily Chart

The RSI currently tracks at 90.37 which, in addition to its multi-month peak, is the highest point it has been for over a decade.

Yesterday’s discussion highlighted that bears are unable to enter despite the fact that prices have been significantly overbought. This is due to the recent crossing of the 25-day (blue), and 10-day (red), moving averages.

Bulls interpret this as an indication of market pressure.

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Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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