DOGE and SHIB Hit Multi-Week Highs on Thursday – Bitcoin Planet Market Updates

[ad_1]

Dogecoin hit a multi-week high on Jan. 5 as meme coins surged after the last few days of consolidation. The coin climbed for a second straight session on Thursday, ahead of US nonfarm payrolls numbers on Friday. Shiba inu was also in the green after today’s gains.

Dogecoin (DOGE)

Dogecoin (DOGE) rose for a second straight session on Thursday, as the coin meme pulled away from a recent bout of consolidation.

Following a low of $0.07181 on Wednesday, DOGE/USD hit an intraday high of $0.07503 earlier in the day.

The move took the token to its highest level since December 27, when the price was in the midst of an extended sell-off.

DOGE/USD – Daily Chart

Since then, dogecoin bulls seemed to have returned to action, coinciding with traders returning from the recent Christmas and New Year celebrations.

As the chart shows, the rise in price also comes when the 14-day Relative Strength Index (RSI) edged above a key resistance zone.

The index is currently trailing at 42.81, which is slightly above a high of 42.00

Shiba Inu (SHIB)

Another notable winner on Thursday was fellow shiba inu (SHIB), who also rose for a straight session.

SHIB/USD hit a high of $0.000008531 earlier in the day, after falling to a low of $0.000008171 on Wednesday.

Thursday’s price surge propelled the shiba inu to its strongest point since Dec. 18, before the holiday season consolidated.

SHIB/USD – Daily Chart

Looking at the chart, today’s move also saw SHIB break out of a recent resistance point at $0.00000850, with the RSI also following suit.

Price strength has surged past its own ceiling at the 50.00 level and currently sits at 51.63.

Despite this sign of bullish sentiment, the next visible high is near at 53.00, which may lead previous bulls to choose to secure gains and close positions.

Register your email here to receive weekly price analysis updates delivered to your inbox:

Do you expect this meme coin rally to continue this week? Let us know your thoughts in the comments.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]