Shiba inu extended recent gains into the weekend, as the meme coin rose to its highest point in four months. Today’s surge saw prices climb by as much as 13%, and comes despite cryptocurrency markets mostly consolidating. Dogecoin also moved higher, breaking out of a recent ceiling in the process.
Shiba inu (SHIB)
Shiba inu (SHIB) was one of the biggest movers in the market for a second consecutive session, with prices rising by as much as 13% higher today.
SHIB/USD rose to a high of$0.00001457 on Saturday, which was its strongest point since October 29.
The move comes following a low of $0.00001232 on Friday, and as bulls led a breakout of a price ceiling at $0.00001290.
Looking at the chart, the surge also led to a breakout of the relative strength index (RSI), which hit a 12-day high.
The index moved beyond a ceiling at 74.00 earlier in the day, and is currently tracking at a reading of 79.15.
This is close to a ceiling at 80.00, and has resulted in earlier bulls beginning to abandon previous positions.
Dogecoin (DOGE) also surged in Saturday’s session, with prices breaking out of a key resistance level.
Following a low of $0.09107 on Friday, DOGE/USD raced to an intraday peak of $0.09489 to start the weekend.
As a result of this move, the meme coin once again moved above a ceiling at $0.0935 earlier in the day.
However, as the session progressed, momentum has since dropped, and this comes as the RSI collided with a hurdle.
The index ran into resistance at the 63.00 mark, causing bulls to retreat, in fear of a price reversal.
As of writing, price strength is now at 61.92, with DOGE trading at $0.09383.
Register your email here to get weekly price analysis updates sent to your inbox:
Could meme coins continue to move higher in today’s session? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.