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

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.

SHIB/USD – Daily Chart

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.

DOGE/USD – Daily Chart

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: Tags in this story Analysis, Doge, dogecoin, memecoins, shib, shiba inu

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

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday MARKET UPDATES | 22 hours ago Biggest Movers: AVAX Hits 1-Month High, DOGE Maintains Bullish Momentum MARKET UPDATES | 2 days ago

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Updated: 10/30/2022 — 07:00

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