Shiba inu surged to a multi-month high on Wednesday, as the meme coin collided with a key price ceiling. Prices rose by as much as 17% in today’s session, as the global cryptocurrency market cap also trended higher. Polkadot was once again in the green, with the token hovering close to a two-month high of its own.
Shiba Inu (SHIB)
Shiba inu (SHIB) rallied on Wednesday, as the meme coin surged to a two-month high, following declines on Tuesday.
Following a low of $0.00001053, SHIB/USD raced to an intraday peak of $0.00001289 earlier in today’s session.
Today’s move saw shiba inu climb to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level.
Looking at the chart, the move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.
As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory.
Earlier gains have also been wiped out, and the meme coin is currently trading at $0.0000124.
Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures.
Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected.
As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69.
The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25.
Should this reversal worsen, DOT could be heading to a floor of $5.00.
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Will polkadot continue to move lower as the week progresses? Let us know your thoughts in the comments.