Dogecoin rallied on Feb. 15, as Elon Musk tweeted a picture of a Shiba Inu dog, with the caption: “The new CEO of Twitter is amazing.” Following this tweet, both dogecoin and shiba inu surged, extending recent gains. Overall, the global cryptocurrency market cap is 2.42% higher as of writing.

Dogecoin (DOGE)

Dogecoin (DOGE) rose by as much as 6% on Wednesday, as markets reacted to tweets from Tesla CEO Elon Musk.

DOGE/USD surged to an intraday high of $0.08707 earlier in today’s session, which comes a day after trading at a bottom of $0.08141.

Today’s move saw the meme coin climb for a second straight session, breaking out of a resistance level at $0.0840 in the process.

Upside momentum comes as the 14-day relative strength index (RSI) surged, and as of writing it is tracking at 50.81

Price strength has now risen to its highest point in nearly a week, and is fast approaching a ceiling at 52.00.

As a result of this, earlier gains have somewhat eased, with dogecoin now trading at $0.08656.

Shiba Inu (SHIB)

Shiba inu (SHIB) also rose for a second consecutive day, breaking out of a resistance level of its own.

Following a low of $0.00001222 on Tuesday, SHIB/USD raced to an intraday high of $0.00001313 earlier in the day.

Like with dogecoin, today’s rally saw the meme coin race past a ceiling at $0.00001285, climbing by nearly 6% in the process.

As can be seen from the chart, there was also a breakout on the RSI indicator, which moved beyond a ceiling at 55.00

Currently, the index is tracking at 56.95, with the nearest point of resistance at the 61.00 mark.

There is a chance that early bulls will opt to take profit close to this point, as overall market sentiment remains partially bearish.

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Could meme coins continue to rally as the week progresses? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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