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Dogecoin surged to an eight-week high on Jan. 31, when prices broke above a key resistance level on Tuesday. The meme coin came forward following the release of the latest US consumer confidence report. Shiba inu rose as well, recovering from losses earlier in the week.
Dogecoin (DOGE)
Dogecoin (DOGE) rallied higher on Tuesday as the meme coin broke above a key resistance level.
After a low of $0.08578 at the start of the week, DOGE/USD rose to an intraday high of $0.095 earlier today.
As a result of the surge, dogecoin hit its strongest point since Dec. 11, when prices peaked at $0.0972.
Since the move, previous gains have eased a bit as the 14-day RSI hit a top of its own.
At time of writing, the index is at 65.03, which is marginally above a resistance level at 65.00.
As long as the bulls can sustain the current momentum, their next target will likely be $0.099.
Shiba Inu (SHIB)
Another notable move was shiba inu (SHIB), which rallied after losses earlier in the week.
SHIB/USD rose to a high of $0.00001195 in today’s session, which comes a day after the token hit a low of $0.00001134.
Tuesday’s rise saw SHIB climb back above a key support level of $0.00001165, and it came as the RSI rallied as well.
At time of writing, the index is currently at 62.57, which is marginally above a bottom at 60.00.
If the momentum continues to rise, the next target for the shiba inu bulls will likely be a top at 68.00
As long as this mark is reached, there is a strong possibility that SHIB/USD will trade above $0.00001220.
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Could we see meme coins continue to rise in the coming days? Let us know your thoughts in the comments.
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