During the session on Thursday, the value of Shiba inu rose more than ten percent, and the token reached a new high point in the last week. After staying relatively stable for a week, the meme coin managed to make a strong rebound off of an important support level, bringing it closer to the level of resistance located at $0.00001500. The price of Ethereum classic was also seen to be rising for the fifth consecutive trading day.
Shiba Inu (SHIB)
On Thursday, the price of Shiba inu (SHIB) rose by as much as ten percent, propelling the meme coin to its highest position in more than a week.
SHIB/USD reached a new session high of $0.00001475 earlier today, breaking out of a nearly week-long range of consolidation near its floor of $0.00001290.
The move caused the token to break free of a recent resistance mark located at $0.00001400, which set it on the path to reaching its highest point since August 18.
When looking at the chart, it seemed as though the bulls were aiming for a higher ceiling at $0.00001510; however, there was strong resistance coming from the bears.
As this article is being written, the price of SHIB is currently trading at $0.00001419. Earlier gains have since been reduced, and the 10-day moving average (shown in red) is continuing to inch closer to its 25-day equivalent (shown in blue).
Even if the token’s price is still trading above the $0.00001400 barrier level, if the bearish trend keeps building, we will probably see it make a move below this area.
The Original Blockchain of Ethereum (ETC)
Additionally, Ethereum classic (ETC) prices rose closer to the $40.00 region during today’s trading session, contributing to the cryptocurrency’s upward trend.
The price of ETC most certainly went up on Thursday as well as a direct result of the news that was released today regarding the The Merge event, which caused the token to extend its previous gains.
In a move that is very similar to that of SHIB, the exchange rate for ETC/USD has just shot up by 10%, reaching an intraday high of $37.46.
The value of the token has increased over the past five days in a row, beginning with a price rally that began when it broke above its support level of $31.
The 14-day relative strength index started out at its own floor at 43.50 and has since climbed all the way up to 56.37 as of the time this article was written.
Should the index reach this position, it is likely that ETC will be trading at or above $40.00 per token. The index appears to be heading for a higher ceiling at a level of 60.00.