• Dogecoin (DOGE) and shiba inu (SHIB) both surged to multi-week highs on Thursday, with DOGE/USD climbing to its highest point since December 27.
• The rally in meme coins comes after a period of consolidation over the holiday season and coincided with the 14-day relative strength index (RSI) breaking out of a key resistance zone.
• SHIB/USD also surged to its strongest point since December 18, breaking out of its own resistance level at $0.00000850 and sending the RSI above the 50.00 level.
On Thursday, both Dogecoin (DOGE) and shiba inu (SHIB) surged to multi-week highs, as traders returned from recent Christmas and New Year’s celebrations. Dogecoin raced to a peak of $0.07503 earlier today, after bottoming out at $0.07181 on Wednesday. This move sent the token to its strongest point since December 27, when price was in the midst of a prolonged sell-off.
The rise in price also came as the 14-day relative strength index (RSI) marginally broke out of a key resistance zone. The index is currently tracking at 42.81, which is slightly above a ceiling of 42.00.
Shiba inu also saw notable gains on Thursday, with SHIB/USD surging to a peak of $0.000008531 earlier today. The move sent the meme coin to its strongest point since December 18, prior to the holiday season consolidation.
Looking at the chart, the rally also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI also following suit. Price strength surged past its own ceiling at the 50.00 level, and is currently tracking at 51.63.
Despite this sign of strength, traders should still keep an eye on the market as the nonfarm payrolls numbers will be released on Friday. If the numbers come in higher than expected, it could trigger a widespread sell-off in the cryptocurrency market.