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.
