Shiba inu was one of Saturday’s biggest movers, as the meme coin rose by as much as 7% to start the weekend. The global crypto market cap was mostly lower, falling by over 2% as traders began to secure recent gains. Despite this, dogecoin also rose, hitting a two-month high in today’s session.
Shiba Inu (SHIB)
Shiba Inu (SHIB) rose by as much as 7% to start the weekend, despite the wider cryptocurrency market mostly moving lower.
SHIB/USD climbed to an intraday peak of $0.000008484 on Saturday, a day after trading at a low of $0.000007705.
As a result of today’s high, the meme coin rose to its strongest point since June 5, when the price was trading at $0.00000867.
The move took place as the 14-day relative strength index (RSI) broke out of a ceiling at the 62.00 mark.
At the time of writing this, the index is now at 64.00, with an upcoming resistance point of 68.00 a possible destination for bulls.
There is a good chance that SHIB will be trading at $0.00000900, in the event the bulls reach their target.
Dogecoin (DOGE)
Another notable gainer to start the weekend was dogecoin (DOGE), which also cemented a multi-month high.
Following a low of $0.0672 on Friday, DOGE/USD jumped 5% higher on Saturday, hitting a peak of $0.07471 in the process.
This resulted in the meme coin trading at its highest level since May 8, which is the last time price was above $0.0770.
Earlier gains have somewhat faded, as traders leave earlier positions, as a result of the RSI colliding with a ceiling at 66.00.
The meme coin is now trading at $0.07351, however overall sentiment for the weekend could remain bullish, should it move past the 66.00 point.
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What is behind today’s meme coin rally? Let us know your thoughts in the comments.
Market Updates, Analysis, Doge, dogecoin, Meme Coin, Meme Coin Markets, Meme Tokens, shib, shiba inuRead More
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