Shiba inu moved to a five-week high during Tuesday’s session, despite cryptocurrency markets mostly consolidating. As of writing, the global crypto market cap is trading 0.20% lower, however the meme coin is up by nearly 5%. Apecoin also surged in today’s session, as it rose to its strongest point since November.
Shiba Inu (SHIB)
Shiba inu (SHIB) was one of Tuesday’s notable gainers, as prices of the token rose for a sixth straight session.
SHIB/USD surged to an high of $0.000009593 earlier in the day, which comes less than 24 hours after trading at a low of $0.000008603.
As a result of this latest surge in price, shiba inu climbed to its highest point since December 5.
From the chart, it appears as though today’s rally came following an upwards crossover of the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the 14-day relative strength index (RSI) has risen above a recent ceiling at 65.50.
Currently, the index is tracking at 67.50, with the next visible ceiling at the 73.00 zone.
Apecoin (APE) was another big mover in today’s session, extending recent gains to a fifth consecutive day.
Following a low of $4.50 to start the week, APE/USD raced to an intraday peak of $4.98 earlier in the day.
The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60.
As a result of today’s surge, the RSI on the APE chart is now at its strongest point on record, with a reading of 79.09.
This means that prices are now deep in overbought territory, which could mean that bears are preparing for reentry.
Despite this potential reversal, bulls are seemingly still targeting a ceiling at $5.30, which hasn’t been hit since October 11.
Register your email here to get weekly price analysis updates sent to your inbox:
Could apecoin rally to hit $5.30 during the month of January? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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 by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Leave a Reply