Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. The meme coin surged ahead following the release of the latest consumer confidence report in the United States. Shiba inu also moved higher, rebounding from losses to start the week.
Dogecoin (DOGE) raced higher on Tuesday, as the meme coin broke out of a key resistance level.
Following a low of $0.08578 to start the week, DOGE/USD rose to an intraday high of $0.095 earlier today.
As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were at a high of $0.0972.
DOGE/USD – Daily Chart
Since the move, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with a ceiling of its own.
As of writing, the index is tracking at 65.03, which is marginally above a resistance level at 65.00.
Providing bulls are able to maintain current momentum, their next target will likely be $0.099.
Shiba Inu (SHIB)
Another notable mover was shiba inu (SHIB), which rebounded following losses to start the week.
SHIB/USD rose to a high of $0.00001195 in today’s session, which comes a day after the token was at a low of $0.00001134.
Tuesday’s surge saw SHIB climb back above a key support level of $0.00001165, and came as the RSI also rebounded.
SHIB/USD – Daily Chart
As of writing, the index is currently tracking at 62.57, which is marginally above a floor at 60.00.
Should momentum continue to move higher, the next target for shiba inu bulls will likely be a ceiling at 68.00
Providing this mark is hit, it is a strong possibility that SHIB/USD will be trading above $0.00001220.
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Could we see meme coins continue to rally in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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