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.
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) 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.
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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