• Dogecoin (DOGE) rose to a multi-week high on Jan. 5, as the meme coin moved away from a recent spell of consolidation.
• Shiba Inu (SHIB) also rose for a back-to-back session on Thursday, surging to its strongest point since December 18 before the holiday season.
• Both coins saw their respective 14-day relative strength index (RSI) break out of key resistance zones, which could be a sign of further price increases.
On Thursday, Jan. 5, both dogecoin (DOGE) and shiba inu (SHIB) surged to multi-week highs as meme coins rose higher following recent days of consolidation. Dogecoin (DOGE) rose for a second straight session, climbing to an intraday peak of $0.07503, its highest point since December 27. The rise in price also saw the 14-day relative strength index (RSI) break out of a key resistance zone, tracking at 42.81, slightly above a ceiling of 42.00.
Shiba Inu (SHIB) also rose for a back-to-back session, surging to a peak of $0.000008531 earlier today. The move sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation. The move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI following suit and surging past its own ceiling at the 50.00 level, currently tracking at 51.63. These signs of strength could be seen as indications of further price increases.
Dogecoin has seen a massive surge in price over the past few months, with the token rising from a low of $0.004 in August 2020 to a peak of $0.07503 just recently. This surge has been fueled by a mix of investor sentiment and the support of high-profile celebrities, with the token now being listed on several major exchanges. Similarly, shiba inu has also seen an incredible surge in price in recent weeks, rising from a low of $0.00000265 in October 2020 to its recent peak.
With the U.S. nonfarm payrolls numbers due out on Friday, traders will be watching carefully to see how the meme coins react. If the numbers are strong, it could lead to further price increases for both DOGE and SHIB, but if the numbers are weak, it could lead to a sell-off of the tokens. No matter what happens, it’s clear that meme coins are here to stay, and investors should continue to monitor the markets closely.