Dogecoin (DOGE) Surges by 10% as Traders Seek Riskier Crypto Assets
Dogecoin (DOGE) experienced a significant surge of over 10% in today’s session, following the return of the global cryptocurrency market to positive territory. The price of DOGE/USD reached a peak of $0.07489 on Thursday, rebounding from a low of $0.06596 the previous day. This surge propelled dogecoin to its highest level since August 14, when it reached $0.0771.
This recent increase marks the seventh day out of the last eight sessions that the meme coin has traded in the green. The 14-day relative strength index (RSI) currently stands at 80.21, surpassing the ceiling at 76.00. With the price being overbought, it is possible that current buyers will start securing their profits.
Shiba Inu (SHIB) also Makes Gains
Shiba Inu (SHIB) saw gains for a second consecutive day on Thursday. After hitting a low of $0.000007429 on Wednesday, SHIB/USD rallied to an intraday high of $0.000008208 today. Similar to dogecoin, these gains brought SHIB to its highest level since August, with a nearly 10% increase in price.
However, the RSI failed to break out of the ceiling at 70.00, causing earlier gains to fade slightly on the chart. Currently, price strength stands at 69.15, and if momentum shifts, there is a likely target floor at 61.00.
Hot Take: Dogecoin and Shiba Inu Gain Momentum in Riskier Crypto Market
Dogecoin and Shiba Inu have both experienced notable gains in today’s session, as traders search for opportunities in riskier cryptocurrency assets. With dogecoin trading at its highest point since August and Shiba Inu also reaching a two-month high, these meme coins are attracting attention in the market. However, overbought conditions for dogecoin may lead to profit-taking by current buyers. Similarly, while Shiba Inu’s gains have faded slightly, there is still potential for momentum to shift. As the crypto market continues to evolve, it remains important to closely monitor these volatile assets.
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