Posted on: 11. January 2023 Posted by: admin Comments: 0

• Shiba Inu (SHIB) surged to a five-week high during Tuesday’s session, despite the overall crypto market being down.
• Apecoin (APE) rose to its strongest point since November, extending gains for a fifth straight day.
• The 14-day relative strength index (RSI) on both SHIB and APE charts is now at its strongest point on record.

Tuesday saw a surge in two of the cryptocurrency market’s biggest players, as Shiba Inu (SHIB) and Apecoin (APE) both rose to multi-week highs.

The global crypto market cap was trading 0.20% lower as of writing, however, SHIB/USD surged to an high of $0.000009593 earlier in the day, which is the highest point since December 5. This came less than 24 hours after trading at a low of $0.000008603, and was bolstered by an upwards crossover of the 10-day (red) and 25-day (blue) moving averages. The 14-day relative strength index (RSI) also rose above a recent ceiling at 65.50, and is currently tracking at 67.50, with the next visible ceiling at the 73.00 zone.

APE/USD also experienced a surge in today’s session, reaching an intraday peak of $4.98 after trading at a low of $4.50 to start the week. The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60. The RSI on the APE chart is now at its strongest point on record, with a reading of 79.09.

Overall, both SHIB and APE have seen strong bullish momentum in recent days, and the technical indicators suggest further upside in the near-term. However, bears may be looking to reenter the market due to the extreme overbought conditions on both coins, so investors should trade cautiously.