by Eliman Dambell
Shiba inu was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. The move came as the global cryptocurrency market cap surged, as U.S. inflationary pressures continued to cool off. Ethereum classic was also in the green, with price hitting a two-month high.
Shiba inu (SHIB) was one of Friday’s notable movers, as the meme coin moved to a six-week high.
Following a low of $0.000009227 on Thursday, SHIB/USD raced to an intraday peak of $0.000009711 earlier in today’s session.
As a result of today’s surge, the meme coin hit its highest point since December 5, when it traded as high as $0.00001016.
Looking at the chart, the move came as shiba inu climbed beyond a ceiling at the $0.00000945 mark.
In addition to this, the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00.
As of writing, the index is tracking at 71.74, which is deep in overbought territory.
Ethereum classic (ETC) was another big gainer in today’s session, with prices moving closer to a two-month high.
ETC/USD rose to a high of $21.76 earlier in the day, less than 24 hours after hitting a bottom at $20.02.
This move pushed the token to its strongest level since November 10, when ETC hit a resistance of $23.00.
As can be seen from the chart, bulls appear to be attempting to take ethereum classic back to this point, if recent bullish momentum can be sustained.
This will likely be made difficult by a resistance level of 67.00 on the RSI, which hasn’t been broken since last August.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect to see ethereum classic hit $23.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.
