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Shiba Inu and Dogecoin Move by 4% Despite Market Cap Rising to $913B

·2 min read

Key Insights:

  • Dogecoin remained consolidated at $0.06 today as well.

  • Shiba Inu rose slightly in comparison to DOGE to trade at $0.00001101.

  • Bitcoin and Ethereum also rose to trade at $20.7k and $1.2k, respectively.

With most of the meme tokens marking a hike in prices, the overall market cap of the meme coins could be seen reclaiming $15 billion.

The impact of the broader market’s bullishness could be seen here, as well as both DOGE and SHIB noted growth, albeit minimal. However, this could push these coins closer to recovering past losses.

Dogecoin Needs a Big Push

The king of meme coins has been struggling to mark a recovery since the crash of June. But even more than that, it hasn’t even come close to recovering the losses it witnessed in May.

In order to invalidate that 47.89% downfall, it needs to first do the same with the almost 36% crash of June. However, price indicators aren’t particularly supportive of the same.

The Parabolic SAR is still indicating a downtrend on the charts even though DOGE marked a 3.74% rise in the last 24 hours. In order to support a rally, the white dots of the indicator will need to move beneath the candlestick and highlight an uptrend.

Secondly, the MACD isn’t far from exhibiting the same sentiment either. This week DOGE suddenly went experienced a bearish crossover, although, at the time of writing, some changes in the trend could be observed.

The altcoin is at the edge of a bullish crossover, backed by the appearance of the green bars. Should this come into effect, DOGE will have some opportunity to rise above $0.06 and rally further.

Shiba Inu Following the King

Despite having higher growth in the previous 24 hours, SHIB is on the same path as DOGE. The altcoin has spent more than a month consolidated at the same price point regardless of all the fluctuations. Trading at $0.00001101, SHIB did not experience much different from the 5.34% rally.

The Bollinger Bands did not diverge by much, making it apparent that the volatility in the case of SHIB is minimal and is going to stay the same way for a while. This will also keep the price consolidated even though the candlestick is above the basis.

Additionally, even though the Relative Strength Index (RSI) did climb back into the bullish zone above the 50.0 mark, it isn’t explicitly indicating a rise. However, if the buying pressure increases, SHIB might note a rise in prices as well.

This could be its trigger for initiating recovery of the massive 70.19% losses it witnessed between April and June.

This article was originally posted on FX Empire