Dogecoin rallied on Feb. 15, as Elon Musk tweeted a picture of a Shiba Inu dog, with the caption: “The new CEO of Twitter is amazing.” Following this tweet, both dogecoin and shiba inu surged, extending recent gains. Overall, the global cryptocurrency market cap is 2.42% higher as of writing.
Dogecoin (DOGE) rose by as much as 6% on Wednesday, as markets reacted to tweets from Tesla CEO Elon Musk.
DOGE/USD surged to an intraday high of $0.08707 earlier in today’s session, which comes a day after trading at a bottom of $0.08141.
Today’s move saw the meme coin climb for a second straight session, breaking out of a resistance level at $0.0840 in the process.
Upside momentum comes as the 14-day relative strength index (RSI) surged, and as of writing it is tracking at 50.81
Price strength has now risen to its highest point in nearly a week, and is fast approaching a ceiling at 52.00.
As a result of this, earlier gains have somewhat eased, with dogecoin now trading at $0.08656.
Shiba Inu (SHIB)
Shiba inu (SHIB) also rose for a second consecutive day, breaking out of a resistance level of its own.
Following a low of $0.00001222 on Tuesday, SHIB/USD raced to an intraday high of $0.00001313 earlier in the day.
Like with dogecoin, today’s rally saw the meme coin race past a ceiling at $0.00001285, climbing by nearly 6% in the process.
As can be seen from the chart, there was also a breakout on the RSI indicator, which moved beyond a ceiling at 55.00
Currently, the index is tracking at 56.95, with the nearest point of resistance at the 61.00 mark.
There is a chance that early bulls will opt to take profit close to this point, as overall market sentiment remains partially bearish.
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Could meme coins continue to rally as the week progresses? Let us know your thoughts in the comments.