SHIB up 20% as DOGE hits 5-month high

Meme currencies traded higher on Saturday, with shiba inu and dogecoin rising more than 20%. Shiba inu hit a six-week high in today’s session, as the token broke through a key resistance level. Dogecoin extended its recent gains, hitting a five-month high in the process.

Shiba Inu (SHIB)

Shiba inu (SHIB) hit a six-week high to start the weekend, with the token rising more than 20% on Saturday. SHIB hit a high of $0.00001268 earlier in the day, less than a day after hitting a low of $0.0000106.

Today’s move pushed meme prices to their highest level since September 13, breaking a point of resistance in the process.

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Looking at the chart, the aforementioned ceiling was the $0.00001230 level, which has been in place since mid-September. However, SHIB has slipped somewhat from the previous highs, which comes from the 14-day relative strength index (RSI) colliding with a key resistance point.

The index is currently at 69.38, which is slightly below a ceiling at 70.00.

Dogecoin (DOGE)

Dogecoin (DOGE) extended its bullish run for a fifth consecutive session, with the token trading over 30% higher in today’s session. After yesterday’s low of $0.08073, DOGE was able to reach a high of $0.1076 earlier in the day.

Due to its gains to start the weekend, the meme currency is now trading at its highest level since May 11.

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In addition to the multi-month highs, the RSI is currently at 90.37, which is its strongest point in over a year. As we saw yesterday, while prices are clearly overbought, the recent crossover of the 10-day (red) and 25-day (blue) moving averages makes it difficult for the bears to re-enter.

This is because both the short and long term momentum is pointing upward, which the bulls are taking as a sign to keep the pressure on the market.

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