Dogecoin rose to an eight-week high on January 31 as prices broke through a key resistance level Tuesday. The meme coin surged ahead of the release of the latest U.S. consumer confidence report. Shibabu also rebounded from its weekly losses and began to rise.
Dogecoin (DOGE)
Dogecoin (DOGE) hit a new high on Tuesday as the meme coin broke through a key resistance level.
Following a low of $0.08578 earlier in the week, DOGE/USD rose to an intraday high of $0.095 earlier today.
As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were as high as $0.0972.
After the move, the earlier rally eased somewhat as the 14-day relative strength index (RSI) hit a ceiling.
As of this writing, the index is hovering at 65.03, just above the 65.00 resistance line.
If the bulls can maintain their current momentum, the next target is likely to be $0.099.
SHIB (SHIB)
Another notable move was in SHIB (SHIB), which rebounded from its losses earlier in the week.
SHIB/USD rose to a high of $0.00001195 in today’s session, a day after a low of $0.00001134.
Tuesday’s spike occurred as the SHIB once again surpassed the key support level of $0.00001165 and the RSI rebounded as well.
Currently hovering at 62.57, just above the 60.00 lower bound.
If it continues to rise, the next target for the Shibabu will likely be the 68.00 ceiling
If this mark is hit, SHIB/USD will likely trade above $0.00001220.
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