Shibainu traded more than 10% higher in Thursday’s session, with the token rising to a one-week high After a week of consolidation, the meme coin bounced back from a key support level to close at 0. It approached the resistance point at $00001500. Ethereum Classic was also in the green, rising for the fifth consecutive session.
SHIB (SHIB)
SHIB surged as much as 10% on Thursday, pushing the meme coin to its highest price in over a week.
SHIB/USD rose to a high of $0.00001475 early in today’s session after consolidating near the $0.00001290 bottom for nearly seven days.
The move caused the token to break out of the recent resistance point at $0.00001400 and head for its highest point since August 18.
The SHIB is currently trading at $0.00001419 at the time of this writing as the 10-day (red) moving average is approaching the 25-day (blue) moving average and the earlier rally has eased.
The token is still trading above the $0.00001400 resistance level, but if the bearish momentum continues, we expect a retreat below this point.
Ethereum Classic (ETC
Ethereum Classic (ETC) moved higher in today’s session as well, moving again toward the $40.00 region.
ETCis likely to move higher again on Thursday as a result of the news surrounding The Merge event today, leading this token to extend its recent gains.
Similar to SHIB, today’s action seesETC/USD soaring 10%, hitting an intraday high of $37.46 in the process.
The token has recorded five consecutive days of gains, beginning when prices rose from the $31 support point.
During this period, the 14-day Relative Strength Index rose from a bottom of 43.50 and is at 56.37 at the time of writing.
The index appears to be heading for a high of 60.00 and once this point is reached. the ETC is likely to trade above $40.00.
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