Biggest Movers: DOGE, SHIB Surge to Multi-Week Highs on Thursday
Dogecoin raced to a multi-week high on Jan. 5, as meme coins rose higher following recent days of consolidation. The coin climbed for a second straight session on Thursday, which comes ahead of Friday’s U.S. nonfarm payrolls numbers. Shiba inu was also in the green, after today’s gains. Dogecoin (DOGE)
Dogecoin (DOGE) rose for a second straight session on Thursday, as the meme coin moved away from a recent spell of consolidation.
Following a low of $0.07181 on Wednesday, DOGE/USD climbed to an intraday peak of $0.07503 earlier today.
The move took the token to its highest point since December 27, when price was in the midst of a prolonged sell-off. DOGE/USD – Daily Chart
Since then dogecoin bulls seemed to have returned to action, which coincides with traders finally returning from recent Christmas and New Year’s celebrations.
As can be seen from the chart, the rise in price also comes as the 14-day relative strength index (RSI) has marginally broken out of a key resistance zone.
The index is currently tracking at 42.81, which is slightly above a ceiling of 42.00 Shiba Inu (SHIB)
Another notable gainer on Thursday was fellow meme coin shiba inu (SHIB), which also rose for a back-to-back session.
SHIB/USD surged to a peak of $0.000008531 earlier today, after falling to a bottom at $0.000008171 on Wednesday.
Thursday’s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation. SHIB/USD – Daily Chart
Looking at the chart, today’s move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI also following suit.
Price strength surged past its own ceiling at the 50.00 level, and is currently tracking at 51.63.
Despite this sign of bullish sentiment, the next visible ceiling is close, at 53.00, which could lead to earlier bulls opting to secure gains, and close positions.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Doge, dogecoin, Meme Coin, memecoin, shib, shiba inu
Do you expect this rally in meme coins to continue this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come MARKET UPDATES | 10 hours ago Biggest Movers: SOL up 15%, as Bullish Sentiment Continues to Rise MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIntroducing the World’s First Chat and Pay Crypto Wallet: Over 100k Downloads and Counting Next articleUnreported Transactions Linked to Disgraced FTX Co-Founder Revealed by Onchain Investigation 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher