This is because the trading price of SHIB and DOGE has surged significantly in today’s session. The investors did not lose their confidence and continued spending money on the asset.
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They have continued with their investments in the asset, which has pushed the trading prices of the meme coins.
Both assets have recorded significant surges in their values and things are looking out to be optimistic in the future.
SHIB Recorded a 13% Surge
Several cryptocurrencies recorded huge surges in their values in today’s trading session. However, the performance demonstrated by Shiba Inu was better than the majority of the tokens.
The second-largest meme coin emerged as one of the biggest movers in today’s session. However, this is not the only session where SHIB has demonstrated strong performance.
The asset has continued recording huge gains and it is the second consecutive day where the asset has demonstrated strong performance.
In the latest trading session, the trading price of SHIB surged by 13%. Following the surge, the trading price of the asset has been pushed up to a high of $0.00001457.
This is the strongest point the asset has hit since October 29. Before the 13% rally was recorded, the trading price of the asset was at a low of $0.00001232.
As the trading price of SHIB started to pump, the analysts came up with the prediction about the asset hitting a ceiling level.
The analysis predicted that SHIB would have to cross the ceiling line ($0.00001290) before it could break out. As the bulls injected strong buying efforts into the trend, the price of the asset was pushed higher.
The RSI for the meme coin is also moving in a higher direction. So far, the RSI has hit a 12-day high and it is expected to move higher as the bullish trend continues.
Prior to the strong rallies, the RSI for the meme coin was below the ceiling at 74. As the rally has continued, the RSI has risen over the ceiling and it is currently sitting at 79.15.
The next ceiling for the RSI is at 80.00 and as SHIB crosses the particular level, an even stronger rally may come into play. This could allow SHIB to hit another major breakthrough.
The latest session was also very fortunate for the largest meme coin. The trading price of the asset managed to make it past the resistance level in the latest session.
Before the rally was formed, the trading price of the asset was at a low of $0.09107. This is the price that was recorded a day earlier for DOGE.
However, the investors put in extra effort and they were able to form a strong rally, which helped push DOGE’s trading price to a high of $0.09489.
As a result of the recent push, the trading price of the asset moved over the ceiling level, which was at $0.0935. The bulls successfully pushed DOGE beyond the particular level and achieved a stronger rally.
They were able to push DOGE to a high of $0.09489 and later, the momentum start to lose its pressure a bit.
The analysis report shows that the RSI for DOGE has hit an obstacle. The bulls will not be able to push the RSI beyond the particular level with the force they currently have.
If they put in extra effort, then the RSI of DOGE may get pushed higher. For now, the biggest challenge for the bulls is at 63.00.
If the bulls do not retreat from the particular level, then the price of the asset may continue to rise. More investors may join the trend, pushing the price of the asset even higher.