Shiba Inu, Polkadot Surge on U.S. Retail Sales Figures
• Shiba Inu (SHIB) surged to a multi-month high on Wednesday, with prices rising as much as 17%.
• Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
• Prices of both tokens were impacted by the release of U.S. retail sales figures, which fell by 1.1% in December.
On Wednesday, the cryptocurrency market saw two of its biggest tokens, Shiba Inu (SHIB) and Polkadot (DOT), experience some significant price movements. SHIB surged to a multi-month high, with prices rising as much as 17% in today’s session, while DOT continued to trade near a two-month high, as the token remained near a key resistance level.
SHIB/USD rallied to an intraday peak of $0.00001289, which marked its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level. This was also accompanied by a rebound in the 14-day relative strength index (RSI), which rose from a support point at 76.00 to a level of 80.31. However, these gains have since been wiped out, with the meme coin now trading at $0.0000124.
Similarly, 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.
Overall, it was an eventful day for Shiba Inu and Polkadot, as the two tokens continue to remain volatile. Despite the day’s losses, both tokens remain close to their respective two-month highs, indicating that further price movements could be in store in the near future.