Dogecoin raced to a multi-week high on Jan. 5, as meme coins rose higher following recent days of consolidation. The coin climbed for a second straight session on Thursday, which comes ahead of Friday’s U.S. nonfarm payrolls numbers. Shiba inu was also in the green, after today’s gains.
Dogecoin (DOGE) rose for a second straight session on Thursday, as the meme coin moved away from a recent spell of consolidation.
Following a low of $0.07181 on Wednesday, DOGE/USD climbed to an intraday peak of $0.07503 earlier today.
The move took the token to its highest point since December 27, when price was in the midst of a prolonged sell-off.
Since then dogecoin bulls seemed to have returned to action, which coincides with traders finally returning from recent Christmas and New Year’s celebrations.
As can be seen from the chart, the rise in price also comes as the 14-day relative strength index (RSI) has marginally broken out of a key resistance zone.
The index is currently tracking at 42.81, which is slightly above a ceiling of 42.00
Shiba Inu (SHIB)
Another notable gainer on Thursday was fellow meme coin shiba inu (SHIB), which also rose for a back-to-back session.
SHIB/USD surged to a peak of $0.000008531 earlier today, after falling to a bottom at $0.000008171 on Wednesday.
Thursday’s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation.
Looking at the chart, today’s move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI also following suit.
Price strength surged past its own ceiling at the 50.00 level, and is currently tracking at 51.63.
Despite this sign of bullish sentiment, the next visible ceiling is close, at 53.00, which could lead to earlier bulls opting to secure gains, and close positions.
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Do you expect this rally in meme coins to continue this week? 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 retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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