Meme coins remained higher on Tuesday, despite cryptocurrency markets mostly trading in the red. Dogecoin is now over 130% higher in the last week, as the token climbed to its highest point since April. Shiba inu was also higher, climbing back above a key price ceiling.
Dogecoin (DOGE)
Dogecoin (DOGE) extended recent gains on Tuesday, as the token surged to a fresh multi-month high.
Following a low of $0.117 to start the week, DOGE/USD raced to an intraday peak of $0.1572 during today’s session.
The rally sees the meme coin move to its highest point since April, and as of writing it is trading over 130% higher from the same point last week.
DOGE/USD – Daily Chart
This recent surge in dogecoin comes as Tesla CEO and long-term meme coin supporter Elon Musk recently completed his takeover of Twitter.
On Tuesday, Musk also tweeted a picture of a shiba inu dog wearing a Twitter banner, which some believe could be an endorsement.
As of writing, the 14-day relative strength index (RSI) is now tracking at 90.24, which is the highest point for the index in over a year.
Shiba Inu (SHIB)
Following the tweet from Elon Musk, shiba inu (SHIB) was also higher, as prices climbed above a key resistance level.
SHIB/USD surged to a high of $0.00001345 earlier in today’s session, gaining for a second straight day in the process.
As referenced earlier, the move came as the meme coin rose past its recent ceiling of $0.00001300.
SHIB/USD – Daily Chart
Looking at the chart, the RSI for SHIB is currently tracking at 65.30, which is slightly under the next visible ceiling of 70.00.
Should price strength continue to rise, we could see bulls attempt to recapture last Saturday’s high of $0.00001518.
Both the 10-day (red), and 25-day (blue) moving averages appear to be trending higher, which is another positive indication for bulls.
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Could we see shiba inu recapture recent highs this week? 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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