Shiba inu was one of Saturday’s biggest movers, as the meme coin rose by as much as 7% to start the weekend. The global crypto market cap was mostly lower, falling by over 2% as traders began to secure recent gains. Despite this, dogecoin also rose, hitting a two-month high in today’s session.
Shiba Inu (SHIB)
Shiba Inu (SHIB) rose by as much as 7% to start the weekend, despite the wider cryptocurrency market mostly moving lower.
SHIB/USD climbed to an intraday peak of $0.000008484 on Saturday, a day after trading at a low of $0.000007705.
As a result of today’s high, the meme coin rose to its strongest point since June 5, when the price was trading at $0.00000867.
The move took place as the 14-day relative strength index (RSI) broke out of a ceiling at the 62.00 mark.
At the time of writing this, the index is now at 64.00, with an upcoming resistance point of 68.00 a possible destination for bulls.
There is a good chance that SHIB will be trading at $0.00000900, in the event the bulls reach their target.
Dogecoin (DOGE)
Another notable gainer to start the weekend was dogecoin (DOGE), which also cemented a multi-month high.
Following a low of $0.0672 on Friday, DOGE/USD jumped 5% higher on Saturday, hitting a peak of $0.07471 in the process.
This resulted in the meme coin trading at its highest level since May 8, which is the last time price was above $0.0770.
Earlier gains have somewhat faded, as traders leave earlier positions, as a result of the RSI colliding with a ceiling at 66.00.
The meme coin is now trading at $0.07351, however overall sentiment for the weekend could remain bullish, should it move past the 66.00 point.
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What is behind today’s meme coin rally? Let us know your thoughts in the comments.
