Dogecoin & Shiba Inu Surge to Multi-Week Highs as Meme Coins Rally

• Dogecoin (DOGE) raced to a multi-week high on Jan. 5th, as meme coins rose higher following recent days of consolidation.
• Shiba Inu (SHIB) also surged to a multi-week high on Thursday, with the coin climbing for a second straight session on the same day.
• Both coins have seen their price action bolstered by a breakout in their respective 14-day relative strength indices (RSI).

On Thursday, Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs as the meme coins continued to show strength following a period of consolidation.

Dogecoin (DOGE) saw a second consecutive session of gains on Thursday, with the coin climbing to its highest point since December 27. After reaching a low of $0.07181 the day prior, DOGE/USD rose to an intraday peak of $0.07503 earlier today. The move came as the 14-day relative strength index (RSI) for the currency marginally broke out of a key resistance zone. The RSI is currently tracking at 42.81, slightly above a ceiling of 42.00.

Meanwhile, Shiba Inu (SHIB) also managed to reach a multi-week high on Thursday, with the coin climbing for a second straight session. SHIB/USD surged to a peak of $0.000008531 earlier today, after falling to a bottom of $0.000008171 on Wednesday. This spike in price sent Shiba Inu to its strongest point since December 18, prior to the holiday season consolidation. The move was further bolstered by a breakout in the coin’s 14-day relative strength index (RSI) which managed to break out of a point of resistance at $0.00000850. The RSI is currently tracking at 51.63, after surging past its own ceiling at the 50.00 level.

The gains seen in Dogecoin and Shiba Inu come ahead of Friday’s U.S. nonfarm payrolls numbers, with investors likely keeping an eye on the results for any further insights into the state of the economy. Both coins have seen their price action bolstered in recent days, as traders finally return from their recent holiday break and look to capitalize on the current market conditions.