Skip to main content

Biggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High

Meme coins were trading significantly higher on Saturday, as both shiba inu and dogecoin rose by over 20%. Shiba inu rallied to a six-week high in today’s session, as the token broke out of a key resistance level. Dogecoin extended recent gains, climbing to a five-month high in the process.

Shiba Inu (SHIB)

Shiba inu (SHIB) rose to a six-week high to start the weekend, as the token was up by over 20% on Saturday.

SHIB/USD surged to a peak of $0.00001268 earlier today, which comes less than a day after trading at a low of $0.0000106.

Today’s move pushed prices of the meme coin to their highest point since September 13, breaking out of a resistance point 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 somewhat slipped from earlier highs, which comes as the 14-day relative strength index (RSI) collided with a key point of resistance.

The index is currently tracking at 69.38, which is marginally below a ceiling at the 70.00 mark.

Dogecoin (DOGE)

Dogecoin (DOGE) extended its bull run for a fifth straight session, with the token trading over 30% higher in today’s session.

Following yesterday’s low of $0.08073, DOGE/USD was able to climb to a high of $0.1076 earlier today.

As a result of its gains to start the weekend, the meme coin is now trading at its highest level since May 11.

In addition to multi-month highs, the RSI is currently tracking at 90.37, which is its strongest point in over a year.

As discussed yesterday, despite prices being significantly overbought, the recent crossover of the 10-day (red) and 25-day (blue) moving averages makes it difficult for bears to reenter.

This is due to the fact that both short and long-term momentum point to an upward trend, which bulls see as a sign to maintain market pressure.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect meme coins to continue this trend for the remainder of the weekend? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/doQyBCu
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more