In today’s trade, SHIB is trading nearly 15% higher as it trades near a ten-day high. Its meme coin DOGE was also in the green on Tuesday, with prices hitting their highest since June 12.
Shiba Inu (SHIB)
On Tuesday, SHIB rose again, continuing to move away from this weekend’s lows.
Over the weekend, SHIB/USD fell to an intraday low $0.00000707, the lowest since October 2021.
Since then, the price has recovered and today it reached an intraday high of $0.000009556.
This is the highest trading price for the meme token since June 12, while the bulls are trying to retake a key resistance point.
Looking at the chart, this ceiling appears to be at the $0.00001135 point, and there has been no real breakout since early May.
Overall SHIB sentiment appears to have turned bullish, with relative strength currently at its highest since April.
The coin has risen steadily as Elon Musk said he will continue to support DOGE despite the recent price drop.
These gains have pushed DOGE/USD prices to an intraday high of 0.0668 in today’s session, the highest trading price in nine days.
Overall, the price has climbed from Saturday’s bottom of 0.0494 (a 15-month low) to a gain of almost 20% now.
However, this momentum could be challenged and the 14-day RSI appears to have reached a key resistance point.
This is the upper limit of 44.50, which has not been breached since DOGE traded at $0.1330 on May 3.
If we see this level broken, then we may see an influx of more bulls hoping to bring the price back to that point.
Do you expect meme coins to survive the crypto winter? Let us know your thoughts in the comments.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.