{"id":16151,"date":"2023-01-05T19:15:03","date_gmt":"2023-01-05T19:15:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/doge-shib-surge-to-multi-week-highs-on-thursday-market-updates-bitcoin-news\/"},"modified":"2023-01-05T19:15:03","modified_gmt":"2023-01-05T19:15:03","slug":"doge-shib-surge-to-multi-week-highs-on-thursday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/doge-shib-surge-to-multi-week-highs-on-thursday-market-updates-bitcoin-news\/","title":{"rendered":"DOGE, SHIB Surge to Multi-Week Highs on Thursday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Dogecoin raced to a multi-week high on Jan. 5, as meme coins rose higher following recent days of consolidation. The coin climbed for a second straight session on Thursday, which comes ahead of Friday\u2019s U.S. nonfarm payrolls numbers. Shiba inu was also in the green, after today\u2019s gains.<\/strong><\/p>\n

Dogecoin (DOGE)<\/h2>\n

Dogecoin (DOGE) rose for a second straight session on Thursday, as the meme coin moved away from a recent spell of consolidation.<\/p>\n

Following a low of $0.07181 on Wednesday, DOGE\/USD climbed to an intraday peak of $0.07503 earlier today.<\/p>\n

The move took the token to its highest point since December 27, when price was in the midst of a prolonged sell-off.<\/p>\n

\"Biggest
DOGE\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Since then dogecoin bulls seemed to have returned to action, which coincides with traders finally returning from recent Christmas and New Year\u2019s celebrations.<\/p>\n

As can be seen from the chart, the rise in price also comes as the 14-day relative strength index (RSI) has marginally broken out of a key resistance zone.<\/p>\n

The index is currently tracking at 42.81, which is slightly above a ceiling of 42.00<\/p>\n

Shiba Inu (SHIB)<\/h2>\n

Another notable gainer on Thursday was fellow meme coin shiba inu (SHIB), which also rose for a back-to-back session.<\/p>\n

SHIB\/USD surged to a peak of $0.000008531 earlier today, after falling to a bottom at $0.000008171 on Wednesday.<\/p>\n

Thursday\u2019s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation.<\/p>\n

\"Biggest
SHIB\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, today\u2019s move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI also following suit.<\/p>\n

Price strength surged past its own ceiling at the 50.00 level, and is currently tracking at 51.63.<\/p>\n

Despite this sign of bullish sentiment, the next visible ceiling is close, at 53.00, which could lead to earlier bulls opting to secure gains, and close positions.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect this rally in meme coins to continue this week? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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