After a week of consolidation, the meme currency bounced off a key support level, approaching a resistance point of $0.00001500. Ethereum classic was also in the green, climbing for a fifth consecutive session.
Shiba inu (SHIB) jumped 10% on Thursday, pushing the meme currency to its highest level in more than a week.
After nearly seven days of consolidation near its low of $0.00001290, SHIB hit a high of $0.00001475 earlier in today’s session.
The move saw the token break out of a recent resistance point at $0.00001400, en route to its highest point since August 18.
Looking at the chart, it appeared that the bulls were targeting a higher ceiling at $0.00001510, but there was a significant pullback by the bears.
Today SHIB is trading at $0.00001419, as earlier gains have diminished, with the 10-day moving average (red) continuing to move toward its 25-day counterpart (blue).
Although the token is still trading above the $0.00001400 resistance level, if bearish momentum persists, we will likely see a pullback below this point.
Ethereum Classic also rose during today’s session, moving back towards the $40.00 region.
ETC was also likely higher on Thursday due to today’s news about The Merge event, leading the token to extend its recent gains.
Like SHIB, today’s move sees ETC gain 10%, hitting an intraday high of $37.46 in the process.
The token has now climbed for five consecutive days, which began when prices rallied to its $31 support point.
During this period, the 14-day relative strength index has risen from its own low at 43.50 and, at the time of writing, is at 56.37.
The index appears to be headed for a higher ceiling at 60.00, and if it reaches that point, ETC will likely trade at or above $40.00.