Shiba inu surged to a multi-month high on Wednesday as the meme coin collided with a key price top. Prices rallied as much as 17% in today’s session as the global cryptocurrency market capitalization also trended higher. Polkadot was once again in the green, with the token hovering near its own two-month high.
Shiba Inu (SHIB)
Shiba inu (SHIB) rallied on Wednesday, as the meme coin surged to a two-month high, following declines on Tuesday.
After a low of $0.00001053, SHIB/USD reached an intraday high of $0.00001289 earlier in today’s session.
Today’s move saw shiba inu rally to its strongest point since early November, when prices last hit a ceiling at the $0.00001290 level.
Looking at the chart, the move came as the 14-day RSI rallied from a support point at 76.00.
At time of writing, the index is sitting at the 80.31 level, which is in overbought territory.
Previous gains have also been removed, and the meme coin is currently trading at $0.0000124.
Polka Dots (POINT)
Polkadot (DOT) continued to trade near a two-month high as the token held near a key resistance level.
DOT/USD jumped to a high of $6.19 earlier in the day, before selling off after the release of US retail sales figures.
Sales in the world’s largest economy fell 1.1% in December, more than the 0.8% drop many had expected.
As a result of the news, the previous gains have now been erased, and the price is currently trading at $5.69.
The RSI has also eased, with price strength dipping below a 70.00 floor and currently trailing at 64.25.
If this reversal worsens, the DOT could head for a $5.00 floor.
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Will Polkadot continue to drop as the week progresses? Let us know your thoughts on it in the comments.
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