As the meme coin ran into a crucial price ceiling on Wednesday, Shiba Inu soared to a multi-month high. In today’s session, prices increased by as much as 17% as the market capitalization of all cryptocurrencies trended upward. Polkadot was once more trading in the green, and the token was almost at a two-month high.
Following losses on Tuesday, Shiba Inu (SHIB) experienced gains on Wednesday as the meme coin soared to a two-month high.
SHIB/USD quickly climbed to an intraday top of $0.00001289 earlier in today’s session after hitting a low of $0.00001053.
Shiba inu just reached its highest position since early November, when prices last bumped up against a ceiling at the $0.00001290 mark.
Looking at the chart, the move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.
As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory.
Earlier gains have also been wiped out, and the meme coin is currently trading at $0.0000124.
Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures.
Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected.
As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69.
The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25.
Should this reversal worsen, DOT could be heading to a floor of $5.00.