SHIB Bounces From Key Price Floor, Climbing to 1-Week High – Market Updates Bitcoin News

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Shiba inu was trading over 10% higher during Thursday’s session, as the token rallied to a one-week high. Following a week’s worth of consolidation, the meme coin bounced from a key support level, moving closer to a resistance point of $0.00001500. Ethereum classic was also in the green, climbing for a fifth consecutive session.

Shiba Inu (SHIB)

Shiba inu (SHIB) surged by as much as 10% on Thursday, pushing the meme coin to its highest point in over a week.

Following almost seven days of consolidating near its floor of $0.00001290, SHIB/USD rose to a high of $0.00001475 earlier in today’s session.

The move saw the token break out of a recent resistance point at $0.00001400, on its way to its highest point since August 18.

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SHIB/USD – Daily Chart

Looking at the chart, it appeared that bulls were targeting a higher ceiling at $0.00001510, however there was significant pushback from bears.

As of writing, SHIB is now trading at $0.00001419, as earlier gains have eased, with the 10-day (red) moving average continuing to move closer to its 25-day (blue) counterpart.

Although the token is still trading above the $0.00001400 resistance level, should bearish momentum persist, we will likely see a retreat below this point.

Ethereum Classic (ETC)

Ethereum classic (ETC) was also higher in today’s session, as it moved back towards the $40.00 region.

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ETC was also likely higher on Thursday as a result of today’s news surrounding the The Merge event, leading the token to extend recent gains.

Similar to SHIB, today’s move sees ETC/USD surge by 10%, hitting an intraday high of $37.46 in the process.

etcusd 2022 08 25 15 51 57 a40a2
ETC/USD – Daily Chart

The token has now climbed higher for five straight days, which began when prices rallied from its support point of $31.

During this run, the 14-day relative strength index rose from its own floor at 43.50, and as of writing is tracking at 56.37.

The index looks to be heading for a higher ceiling at 60.00, and should it hit this point, ETC will likely be trading at or above $40.00.

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Will we see more gains in ethereum classic ahead of The Merge? Let us know your thoughts in the comments.

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Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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