As bulls refused a breakout below a crucial level of support, Shiba Inu ended a recent four-day losing skid on Thursday. The modest price increase coincided with a 0.25% increase in the market cap of all cryptocurrencies as of the time of writing. Dogecoin also had a positive price.
Shiba Inu (SHIB)
On Thursday, after a brief period of stalemate earlier in the day, crypto bulls returned, breaking a four-day losing skid for Shiba Inu (SHIB).
SHIB/USD reached an intraday high of $0.000007287 today after hitting a low of $0.000007164 on Thursday.
This occurred as traders kept pushing the price away from a recent support level near $0.00000710.
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| SHIB/USD-Daily Chart |
The chart also shows that momentum is relatively bullish, with the 10-day moving average (red) approaching its cross with the 25-day moving average (blue).
The relative strength index (RSI) must first move above a ceiling at the 44.00 level in order for this to occur.
SHIB is now trading at $0.000007256, tracking the index at 42.14 at the time of writing.
Dogecoin (DOGE)
Dogecoin (DOGE), a meme coin, also broke its losing streak on Thursday after two days of falls.
Early in the day, DOGE/USD reached a high of $0.06117, up from the previous day's low of $0.06027.
The moves occurred as DOGE rebounded off a recent price floor at the $0.0600 mark, much like shiba inus do.
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| DOGE/USD--Daily Chart |
The next objective appears to be in the vicinity of the $0.0625 region, which was most recently reached exactly one week ago, according to the data.
Price strength needs to increase from its current level of 42.52 and move closer to a ceiling of 44.00 in order to get to this position.
Do you anticipate that Dogecoin will reach this level soon? Post your comments to let us know what you think.