Shiba Inu (SHIB) experienced a significant surge over the weekend, reaching a multi-month high. The rally can be attributed to the anticipation surrounding its upcoming layer 2 launch. Similarly, Dogecoin (DOGE) also continued its upward momentum, extending its recent gains.
On Saturday, SHIB/USD climbed from a low of $0.00001001 to a peak of $0.00001127. This marked the fifth consecutive day of gains for SHIB, propelling it to its strongest point since April. The relative strength index (RSI) surpassed a ceiling of 65.00, indicating a bullish trend. Currently, the price strength is at a reading of 74.27, with a visible resistance zone at the 76.00 level. If bulls manage to hit this target, SHIB could potentially reach $0.00001200.
DOGE/USD also experienced a surge, reaching an intraday high of $0.07715 on Saturday. This followed a low of $0.07517 the previous day. The cryptocurrency climbed to its highest level since August 2, peaking at $0.0786. Similar to SHIB, DOGE broke out of a resistance level of 55.00, indicating bullish strength. Bulls now face a ceiling of 60.00, should they maintain the momentum seen this week.
Overall, the meme coins, SHIB and DOGE, have shown bullish sentiment over the weekend. The upcoming layer 2 launch for SHIB and continued upward momentum for DOGE have contributed to their impressive rallies.
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