Dogecoin continued to trade near a four-month high on Tuesday after a 30% price increase earlier in the week when Twitter changed its logo from the traditional blue bird to a cartoon-like picture of Doge The rise was in response to the change. Shiba Inu was also higher, moving to multi-week highs.
Dogecoin (DOGE)
Dogecoin (DOGE) was one of the biggest gainers today as the market continued to react to Twitter’s logo change.
DOGE/USD hit a low of $0.07663 early Monday morning before running up to a high of $0.1026 late in the day.
As a result of this move, the meme coin rose to its strongest level since it peaked at $0.1118 on December 5.
Looking at the chart, Tuesday’s surge appears to coincide with the Relative Strength Index (RSI) breaking through the 70.00 ceiling.
As of this writing, the index is hovering at 73.45, its highest level since November.
Overall, dogecoin is up more than 30% at the time of writing and nearly 40% compared to the same time last week.
Shiba Inu (SHIB)
Another notable gainer on Tuesday was Shibainu (SHIB), which moved to a three-week high in the last few hours.
Following a low of $0.00001065 earlier in the week, SHIB/USD rose to a peak of $0.00001157 yesterday evening.
As a result, prices rose up to 6% to their highest level since March 14.
Like DOGE, the move likely occurred after the RSI indicator broke through the key resistance level at 55.00.
Price strength is now tracking at 55.76 and appears to be headed for a higher ceiling at 58.00.
If this target is achieved, the SHIB could exceed the March high of $0.00001184.
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