Wednesday, 5 April 2023
by Earn Media
Dogecoin continued to trade close to a four-month high on Tuesday, following a 30% price surge to start the week. The rally came after Twitter changed its logo from the traditional blue bird, to a cartoon picture of Doge. Shiba inu was also higher, as it moved to a multi-week high.
Dogecoin (DOGE) was one of today’s biggest gainers, as markets continued to react to Twitter’s logo change.
DOGE/USD raced to a high of $0.1026 late on Monday, following a low of $0.07663 earlier in the day.
As a result of this move, the meme coin rose to its strongest point since December 5, when it hit a peak of $0.1118.
Looking at the chart, Tuesday’s surge appears to coincide with the relative strength index (RSI) breaking out of a ceiling at 70.00.
At the time of writing, the index is tracking at 73.45, which is its highest reading since November.
Overall, dogecoin is up over 30% at the time of writing, and nearly 40% higher than at the same time last week.
Another notable gainer on Tuesday was shiba inu (SHIB), which moved to a three-week high in the past several hours.
Following a low of $0.00001065 to start the week, SHIB/USD climbed to a peak of $0.00001157 yesterday evening.
This resulted in prices jumping by as much as 6%, hitting their highest level since March 14 in the process.
Similar to DOGE, the move seemingly took place following a breakout of a key resistance level of 55.00 on the RSI indicator.
Price strength is now tracking at 55.76, and appears to be heading towards a higher ceiling at 58.00.
Should it reach its apparent target, SHIB will likely move beyond March’s high of $0.00001184.
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Do you expect dogecoin and shiba inu to extend this rally further into the week? Let us know your thoughts in the comments.