Dogecoin surged to multi-week highs on Jan. 5 as the memecoin moved higher after consolidating in recent days. The coin gained for the second consecutive session on Thursday, ahead of Friday’s U.S. nonfarm payrolls data. Shiba Inu is also in the green following today’s gains.
Dogecoin (DOGE)
Dogecoin (DOGE) gained for the second consecutive trading day on Thursday as the meme coin broke out of its recent consolidation period.
DOGE/USD climbed to an intraday high $0.07503 earlier today, following on from Wednesday’s low $0.07181.
The move lifted the token to its highest point since Dec. 27, when prices were in the midst of a prolonged sell-off.
Since then, Dogecoin bulls appear to have returned to action, coinciding with the time when traders are finally returning from the recent Christmas and New Year celebrations.
As can be seen from the chart, the price increase was also accompanied by the 14-day relative strength index (RSI) slightly breaking above a critical resistance area.
The index is currently tracking at 42.81, just above the upper limit of 42.00
Shiba Inu
Another notable gainer on Thursday was meme coin shiba inu (SHIB), which also posted consecutive gains.
SHIB/USD surged to a peak of $0.000008531 earlier today after bottoming at $0.000008171 on Wednesday.
Thursday’s price surge pushed the Shiba to its highest point since Dec. 18, before the holiday consolidation.
Looking at the chart, today’s move also allowed SHIB to break above the immediate resistance at $0.00000850, with the RSI following suit.
The price surged strongly towards its own ceiling at the 50.00 level and is currently tracking at 51.63.
Despite this sign of bullish sentiment, the next visible ceiling is close to 53.00, which could cause earlier longs to choose to lock in gains and close their positions.
