DOGE was as soon as once more increased on Monday, as merchants purchased the token, days after a video in regards to the meme-coin was shared by Elon Musk. This got here as CAKE was additionally an enormous mover in the present day, climbing past the $10 mark, hitting a multi-month excessive within the course of.
DOGE rose for a second consecutive session, as bulls continued to pile into the meme-coin, following a latest tweet from Elon Musk.
Following a low of $0.1366 on Sunday, DOGE/USD rallied to a peak of $0.1553 in in the present day’s session, as costs had been practically 6% increased.
Immediately’s peak is the best stage DOGE has traded since February 14, and comes following a breakout of the $0.1510 resistance stage.
Nonetheless, this ceiling has been comparatively agency, with costs falling from earlier highs, because the transfer regularly turns right into a false breakout.
Wanting on the chart, DOGE is now buying and selling at $0.1507, and the 14-day RSI indicator additionally hovers under its personal ceiling of 65.70.
Because of slowing momentum, bears out there are possible anticipating a reversal, and ready for the right time to re-enter.
Regardless of crypto markets being decrease throughout the board on Monday, there have been some notable exceptions, which had been in a position to rise increased.
One among these tokens that climbed increased was CAKE, which gained by as a lot as 7% to start out the week.
CAKE/USD surged to its highest stage since January 21 on Monday, as costs hit an intraday excessive of $10.22
The value of CAKE has surged in the previous couple of weeks, because it bounced from help of $5.50 on March 16, to now buying and selling over $10 to start the month of April.
Regardless of these positive aspects, CAKE remains to be removed from its document excessive at $27, and with worth power at present overbought, we might have to attend earlier than climbing nearer to these ranges.
The 14-day RSI is at present monitoring at 75.95, which is near its highest level since final August.
Can CAKE proceed to climb increased, regardless of being already overbought? Tell us your ideas within the feedback.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about on this article.