Shiba inu extended recent gains into the weekend, as the meme coin rose to its highest point in four months. Today’s surge saw prices climb by as much as 13%, and comes despite cryptocurrency markets mostly consolidating. Dogecoin also moved higher, breaking out of a recent ceiling in the process.

Shiba inu (SHIB)

Shiba inu (SHIB) was one of the biggest movers in the market for a second consecutive session, with prices rising by as much as 13% higher today.

SHIB/USD rose to a high of$0.00001457 on Saturday, which was its strongest point since October 29.

The move comes following a low of $0.00001232 on Friday, and as bulls led a breakout of a price ceiling at $0.00001290.

Looking at the chart, the surge also led to a breakout of the relative strength index (RSI), which hit a 12-day high.

The index moved beyond a ceiling at 74.00 earlier in the day, and is currently tracking at a reading of 79.15.

This is close to a ceiling at 80.00, and has resulted in earlier bulls beginning to abandon previous positions.

Dogecoin (DOGE)

Dogecoin (DOGE) also surged in Saturday’s session, with prices breaking out of a key resistance level.

Following a low of $0.09107 on Friday, DOGE/USD raced to an intraday peak of $0.09489 to start the weekend.

As a result of this move, the meme coin once again moved above a ceiling at $0.0935 earlier in the day.

However, as the session progressed, momentum has since dropped, and this comes as the RSI collided with a hurdle.

The index ran into resistance at the 63.00 mark, causing bulls to retreat, in fear of a price reversal.

As of writing, price strength is now at 61.92, with DOGE trading at $0.09383.

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

Could meme coins continue to move higher in today’s session? Let us know your thoughts in the comments.

---

Filed under: Bitcoin - @ February 4, 2023 3:05 pm