• Shiba Inu (SHIB) surged to a two-month high on Wednesday, rising as much as 17% in the session.
• Polkadot (DOT) also rose to a two-month high, although prices fell off following the release of U.S. retail sales figures.
• The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.
On Wednesday, Shiba Inu (SHIB) surged to a multi-month high, with prices climbing as much as 17% in the session. The meme coin rose to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level. The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00. As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory. Earlier gains have now been wiped out, and the meme coin is currently trading at $0.0000124.
Meanwhile, Polkadot (DOT) also saw gains, with the token hovering close to a two-month high of its own. DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures. Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected. As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69. The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25. Should this reversal worsen, DOT could be heading to a floor of $5.00.
Overall, the global cryptocurrency market cap has been trending higher, with both Shiba Inu and Polkadot making gains. While SHIB has now given up its earlier gains, DOT is still trading close to the two-month high it hit earlier in the session. However, the token could be heading lower if the reversal worsens, with the RSI indicating that prices may be overextended.