Shiba Inu and Dogecoin
image source: TheStreet

Shiba Inu and Dogecoin up 4% despite market cap rising to $913 billion

Key Findings:

  • Dogecoin remained consolidated at $0.06 today as well.
  • The Shiba Inu was up slightly against DOGE to trade at $0.00001101.
  • Bitcoin and Ethereum also surged to $20.7K and $1.2K, respectively.

As most meme tokens mark a price surge, the total meme coin market cap could reclaim $15 billion.

The impact of the broader market’s bullishness was seen here and both DOGE and SHIB saw growth, even though minimum. However, this could bring these coins closer to recovering from previous losses.

Dogecoin needs a big boost

The king of meme coins has been struggling to recover since the June crash. More than that, it hasn’t even come close to clawing back May’s losses.

To invalidate that 47.89 percent crash, he must first do the same with June’s nearly 36 percent crash. However, the price indicators do not particularly support this.

The Parabolic SAR is still showing a downtrend on the charts even though DOGE is up 3.74% in the last 24 hours. To support a rally, the indicator’s white dots must move below the candle and highlight an uptrend.

Second, the MACD is not far from showing the same sentiment. This week, DOGE suddenly saw a bearish crossover, although at the time of writing there were some trend changes.

The altcoin is on the verge of a bullish crossover, helped by the appearance of the green bars. If this takes effect, DOGE will have an opportunity to scale above $0.06 and continue to rally.

Shiba Inu Follows the King

Despite higher growth in the last 24 hours, SHIB is on the same path as DOGE. The altcoin has spent more than a month consolidating at the same price point regardless of all fluctuations. SHIB traded at $0.00001101 and was not much different from the 5.34% rally.

The Bollinger Bands did not diverge very much, which makes it clear that volatility is minimal in the case of SHIB and will remain so for a while. This will also consolidate the price even though the candle is above the base.

Although the Relative Strength Index (RSI) has climbed back into bullish territory above the 50.0 level, it is not explicitly pointing to a rise. However, if buying pressure increases, SHIB could also see a price increase.

This could be the trigger to initiate a rebound from the massive 70.19% losses it saw between April and June.