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.

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.

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.

Register your email here to get weekly price analysis updates sent to your inbox:

Will polkadot continue to move lower as the week progresses? Let us know your thoughts in the comments.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Bitcoin Has Entered Into The Early Bull Phase — Crypto Pundit Avers

Ki Young Ju, the CEO of data analytic firm CryptoQuant is convinced that Bitcoin is on the cusp of a major lift-off as crypto traders continue to switch from a risk-off to risk-on mode. Earlier yesterday, Young tweeted that Bitcoin had “entered into the early bull phase”, suggesting that the top cryptocurrency by market capitalization

Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year

Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the global investment bank’s list as the asset with the highest risk-adjusted return — above gold, real estate, the S&P 500, and the Nasdaq 100. Bitcoin Outshines Other Investments on Goldman’s Chart Global investment bank Goldman Sachs has reportedly

Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange

PRESS RELEASE. LBank Exchange, a global digital asset trading platform, has listed Global Digital Cluster Coin (GDCC) on January 27, 2023. For all users of LBank Exchange, the GDCC/USDT trading pair is now officially available for trading. With its new-age protocol and peer-to-peer network, Global Digital Cluster Coin (GDCC) restructures the concept of money and