Dogecoin emerged as one of the most significant gainers on Thursday, witnessing an uptick of up to 10% in the trading session for the day. This rise in valuation occurs against a backdrop where market participants are exploring high-risk digital assets, particularly those in the meme coin category. Shiba Inu followed suit, attaining its peak valuation in over two months.
In the trading session earlier today, Dogecoin (DOGE) escalated by over 10%, coinciding with a resurgence in the overall cryptocurrency market capitalization.
The DOGE/USD currency pair reached a high of $0.07489 during Thursday’s session, up from a previous low of $0.06596 just a day earlier.
The day’s price movement elevated Dogecoin to its most robust level since August 14, when it touched a peak of $0.0771.
DOGE/USD – Daily Trading Chart
Remarkably, this marks the seventh occasion in the past eight trading sessions that Dogecoin has exhibited a positive performance.
The recent upswing has driven the 14-day Relative Strength Index (RSI) to its current reading of 80.21, surpassing a predetermined threshold of 76.00.
Due to the asset now being in the overbought territory, existing investors may begin to lock in their gains.
Shiba Inu (SHIB)
Shiba Inu (SHIB) also stood out as a significant gainer this Thursday, registering an increase for the second consecutive day.
From a prior low of $0.000007429 on Wednesday, the SHIB/USD pair ascended to an intraday peak of $0.000008208 earlier in today’s session.
Mirroring the performance of Dogecoin, the ascent in Shiba Inu’s valuation catapulted it to its highest level since August, registering a near 10% growth for the day.
SHIB/USD – Daily Trading Chart
Upon examination of the chart, it is evident that earlier gains have slightly receded, attributed to the RSI’s inability to surpass a ceiling set at 70.00.
At the time of this report, the price strength metric is positioned at 69.15, making a decline to a base level of 61.00 plausible if market momentum starts to wane.
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What are your expectations for Shiba Inu’s performance in the coming week? Share your perspectives in the comment section.
Frequently Asked Questions (FAQs) about Meme Coins Gains
What cryptocurrencies are the focus of this article?
The article focuses on Dogecoin (DOGE) and Shiba Inu (SHIB), detailing their recent significant gains in the cryptocurrency market.
What notable price movements did Dogecoin experience?
Dogecoin (DOGE) experienced a rise of over 10% in a single trading session, reaching a high of $0.07489 from a low of $0.06596 the previous day. This marked its strongest point since August 14.
What about the performance of Shiba Inu?
Shiba Inu (SHIB) also rose notably, registering an increase for the second consecutive day. The cryptocurrency moved from a previous low of $0.000007429 to an intraday high of $0.000008208.
What technical indicators were discussed in relation to Dogecoin and Shiba Inu?
The article talks about the 14-day Relative Strength Index (RSI) for both cryptocurrencies. For Dogecoin, the RSI reached a current reading of 80.21, surpassing a threshold of 76.00. For Shiba Inu, the RSI was at 69.15 at the time of reporting.
Is there a trend in meme coin investments based on the article?
Yes, the article implies that there is increasing investor interest in meme coins, as evidenced by the significant gains in both Dogecoin and Shiba Inu.
What actions might investors consider, according to the article?
Due to Dogecoin being in overbought territory, as indicated by its RSI reading of 80.21, current investors may consider securing their profits. For Shiba Inu, a decline to a base level of RSI 61.00 is plausible if market momentum starts to wane.
How can one subscribe to receive more such analyses?
The article offers a subscription option where readers can register their email to receive weekly technical analysis reports directly in their inbox.
More about Meme Coins Gains
- Dogecoin Official Website
- Shiba Inu Official Website
- Cryptocurrency Market Overview
- Introduction to Relative Strength Index (RSI)
- Understanding Overbought and Oversold Indicators
- Weekly Technical Analysis Subscription
- Overview of Meme Coins
- Previous Dogecoin Price Movements
- Previous Shiba Inu Price Movements
- Guide to Cryptocurrency Trading Sessions