The meme currencies remained at all-time highs on Tuesday, despite crypto-currency markets trading mostly in the red. Dogecoin is now more than 130% higher in the past week, as the token climbed to its highest point since April. Shiba inu was also higher, climbing back above a key price ceiling.
Dogecoin (DOGE) extended its recent gains on Tuesday, as the token hit a new multi-month high. After a low of $0.117 earlier this week, DOGE hit an intraday high of $0.1572 during today’s session.
The rally has seen the meme currency reach its highest level since April, and at the time of writing it is trading more than 130% higher than it was at this time last week.
This recent spike in dogecoin comes as Tesla CEO and longtime meme currency proponent Elon Musk recently completed his takeover of Twitter. On Tuesday, Musk also tweeted a photo of a shiba inu dog wearing a Twitter banner, which some believe could be an endorsement.
Today, the 14-day relative strength index (RSI) now stands at 90.24, which is the highest point on the index in more than a year.
Shiba Inu (SHIB)
Following Elon Musk’s tweet, shiba inu (SHIB) was also on the rise as prices broke through a key resistance level. SHIB hit a high of $0.00001345 earlier in today’s session, gaining a second consecutive day.
As mentioned earlier, the move came as the meme currency broke above its recent ceiling of $0.00001300.
Looking at the chart, the RSI for SHIB is currently at 65.30, which is slightly below the next visible ceiling of 70.00. If price strength continues to rise, we could see the bulls attempt to recapture last Saturday’s high of $0.00001518.
The 10-day (red) and 25-day (blue) moving averages appear to be trending higher, which is another positive indication for the bulls.