SHIB Bounces From Key Price Floor, Climbing to 1-Week High – Market Updates Bitcoin News

Shiba inu was trading over 10% higher during Thursday’s session, as the token rallied to a one-week high. Following a week’s worth of consolidation, the meme coin bounced from a key support level, moving closer to a resistance point of $0.00001500. Ethereum classic was in the green as well, rising for a fifth session.

Shiba Inu (SHIB)

Shiba inu’s (SHIB), surged as high as 10% Thursday, pushing its meme coin to the highest level in more than a week.

Following almost seven days of consolidating near its floor of $0.00001290, SHIB/USD rose to a high of $0.00001475 earlier in today’s session.

This move enabled the token to break through a resistance level at $0.00001400 and take it to its highest point since Aug 18.

SHIB/USD – Daily Chart

It appeared as though bulls wanted a lower ceiling of $0.00001510. However, there was considerable resistance from bears.

SHIB currently trades at $0.00001419. This is because earlier gains have dwindled and the 10-day (red-colored) moving average continues to move closer towards its 25 day (blue).

Although the token remains trading above the resistance of $0.00001400, bearish momentum could continue and we may see a decline below this level.

Ethereum (ETC).

Ethereum classic (ETC) was also higher in today’s session, as it moved back towards the $40.00 region.

ETC was also likely higher on Thursday as a result of today’s news surrounding the The Merge event, leading the token to extend recent gains.

Similar to SHIB, today’s move sees ETC/USD surge by 10%, hitting an intraday high of $37.46 in the process.

ETC/USD – Daily Chart

Now, the token is up for 5 consecutive days. This began after prices rose from $31.

The 14-day relative strength indicator rose to 43.50 from its floor and is now at 56.37.

This index appears to be headed for 60.00 and if it hits this point ETC will most likely trade at or above $40.00.

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Were there any gains in the ethereum Classic ahead of The Merge. Please share your views with us in the comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has worked in various capacities, including as a retail trading teacher, brokerage director, and market commentator for Crypto, Stocks, and FX.

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