Dogecoin rallied on February 15, when Elon Musk tweeted a photo of a Shiba Inu dog, with the caption: “The new CEO of Twitter is amazing.” Following this tweet, both dogecoin and shiba inu surged, extending recent gains. Overall, the global cryptocurrency market capitalization is 2.42% higher at the time of writing.
Dogecoin (DOGE)
Dogecoin (DOGE) rose as much as 6% on Wednesday as markets reacted to tweets from Tesla CEO Elon Musk.
DOGE/USD rose to an intraday high of $0.08707 earlier in today’s session, which comes a day after trading at a low of $0.08141.
Today’s move sent the meme coin higher for the second session in a row, breaking through a resistance level of $0.0840 in the process.
Bullish momentum comes as the 14-day Relative Strength Index (RSI) rose and, at time of writing, stands at 50.81
Price strength has now risen to its highest point in almost a week, and is fast approaching a top at 52.00.
As a result of this, previous gains have eased somewhat, with dogecoin now trading at $0.08656.
Shiba Inu (SHIB)
Shiba inu (SHIB) also rallied for the second day in a row, breaking through a resistance level of its own.
After a low of $0.00001222 on Tuesday, SHIB/USD hit an intraday high of $0.00001313 earlier in the day.
As with dogecoin, in today’s rally, the meme coin broke through a ceiling of $0.00001285, rising nearly 6% in the process.
As can be seen on the chart, there was also a break in the RSI indicator, which moved past a top at 55.00
Currently, the index is at 56.95, with the nearest resistance point at the 61.00 mark.
There is a chance that early bulls will opt to take profits near this point, as overall market sentiment remains partially bearish.
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Could the meme coins continue to rise as the week progresses? Let us know your thoughts in the comments.
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