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.
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) 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.
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.