SHIB rebounds from a price low and reaches a one-week high

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

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.

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SHIB – Daily Chart

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

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.

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Like SHIB, today’s move sees ETC gain 10%, hitting an intraday high of $37.46 in the process.

ETC – Daily Chart

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.

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