Shiba Inu sees record rise as Dogecoin rises close to 28%

Unusual increases are seen in the cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE, the most famous dog-themed cryptocurrency, has gained more than 27 percent in a week. On the other hand, SHIB is testing levels it hasn’t seen since May.

Dog-themed cryptocurrencies are on the rise, according to data from Cointelegraph Markets and TradingView.

Shiba Inu (SHIB), attracting attention especially for its high coin supply and low unit price, has started retesting the levels it last saw on May 19.

SHIB / USDT daily chart. Source: TradingView

As seen in the chart, the SHIB / USD parity, which had been consolidated in a narrow price corridor for a long time, started to rise in October.

On October 4, SHIB, which has appreciated more than 57 percent in just one day, peaked at $ 0.00001514.

Related: Elon Musk Said “I’m Going To Get A Dog” This Token Soared!

The internet joke-based cryptocurrency (meme) last saw this value on May 19. On the Binance exchange, SHIB found buyers at the highest price of 0.00005000 to date.

Will the increase in the price of Dogecoin continue?

DOGE price hit the 20-day exponential moving average (EMA) ($ 0.22) on October 1. The fight between the bulls and the bears was completed on the upside and initial resistance at the target was broken. The 20-EMA has risen, while the 50-day simple moving average (SMA) ($ 0.25) is trending up. This situation gives hope for the uptrend by drawing attention to the possibility of a golden cross in a short time.

DOGE / USDT daily chart. Source: TradingView

Although the selling came from October 5, especially the long-tail candlestick pattern on October 4 shows that the bulls weighed in on the market against rising sales. Meanwhile, the Relative Strength Index (RSI) rose above the median level. In other words, there is positive sentiment in the market.

In order for DOGE price to capture an uptrend, it must first break above the 50-SMA and then the downtrend resistance shown on the chart. Otherwise, if market uncertainty prevails and the price falls back below the 20-EMA, the DOGE / USDT pair could drop back to $ 0.19 and then $ 0.15.

Opinions and comments expressed here are solely those of the author. It may not reflect the views of Cointelegraph. All investment and trading involves risk. You should do your own research when making a decision.

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