Biggest Movers: SHIB Surges to Fresh 2-Month High on Wednesday
Shiba inu surged to a multi-month high on Wednesday, as the meme coin collided with a key price ceiling. Prices rose by as much as 17% in today’s session, as the global cryptocurrency market cap also trended higher. Polkadot was once again in the green, with the token hovering close to a two-month high of its own. Shiba Inu (SHIB)
Shiba inu (SHIB) rallied on Wednesday, as the meme coin surged to a two-month high, following declines on Tuesday.
Following a low of $0.00001053, SHIB/USD raced to an intraday peak of $0.00001289 earlier in today’s session.
Today’s move saw shiba inu climb to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level. SHIB/USD – Daily Chart
Looking at the chart, 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 also been wiped out, and the meme coin is currently trading at $0.0000124. Polkadot (DOT)
Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
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. DOT/USD – Daily Chart
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.
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Will polkadot continue to move lower as the week progresses? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC Hits Highest Point Since September MARKET UPDATES | 10 hours ago Rising Bitcoin Prices Cause Cascade of Short Liquidations, Highest Ratio of Short vs. Long Wipeouts Since July 2021 MARKET UPDATES | 1 day ago
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