Shiba Inu (SHIB) Ends Losing Streak
After four consecutive days of losses, Shiba Inu (SHIB) saw a turnaround on Thursday as crypto bulls regained control. Earlier in the day, there was a brief stalemate, but SHIB/USD managed to climb from a low of $0.000007164 to an intraday high of $0.000007287 during today’s session. Traders successfully moved the price away from the support level around $0.00000710.
The chart indicates a somewhat bullish momentum, with the 10-day moving average (red) approaching a potential cross with the 25-day moving average (blue). However, for this cross to occur, the relative strength index (RSI) needs to surpass the 44.00 mark. Currently, the RSI is at 42.14, and SHIB is trading at $0.000007256.
Dogecoin (DOGE) Bounces Back
Following two days of declines, Dogecoin (DOGE) also experienced a positive shift on Thursday. The meme coin reached a peak of $0.06117 earlier in the day after hitting a low of $0.06027 the previous day. Similar to Shiba Inu, DOGE managed to bounce off its recent price floor at the $0.0600 level.
By examining the chart, it appears that the next target for DOGE will be around the $0.0625 zone, which was last reached exactly one week ago. To reach this level, price strength needs to increase from its current reading of 42.52 and move closer to the ceiling at 44.00.
Hot Take: Shiba Inu and Dogecoin Show Signs of Recovery
Both Shiba Inu (SHIB) and Dogecoin (DOGE) broke their losing streaks on Thursday, indicating a potential recovery for these popular cryptocurrencies. SHIB managed to move away from its support level and displayed a bullish momentum, while DOGE successfully bounced off its price floor. Traders will be watching closely to see if SHIB can cross the 10-day and 25-day moving averages, and if DOGE can reach its next target at $0.0625. Keep an eye on these coins as they continue to show signs of strength in the crypto market.
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