Dogecoin and Shiba Inu Remain Lacklustre Despite Bullish Cues

Key Insights:

  • Despite a broader market recovery, Shiba Inu only marked a 2.76% rise in the last 24 hours.

  • Dogecoin also trailed behind the wider market, consolidating at the same $0.692 level from yesterday.

  • Bitcoin and Ethereum, on the other hand, continued their rallies, now trading at $23k and $1.5k respectively.

The wider crypto markets rallied today pushing the total capitalization of all cryptocurrencies past the $1 trillion mark.

The meme coin market, on the other hand, showed less exuberance with top coins such as Dogecoin and Shiba Inu barely moving from yesterday’s prices.

Shiba Inu Takes Back What It Lost

Although the last 24 hours haven’t been the best for SHIB, its overall rise in the last couple of weeks has helped the meme coin take back much of what it lost during the crash in June.

After depreciating by almost 37% in 18 days, SHIB took nearly a month to reclaim $0.00001200, the price it was at before the crash. Of the entire recovery, 24.37% came just this week.

Notably, a number of indicators are showing bullish signals for SHIB. The Parabolic SAR’s white dots just came back down beneath the candlesticks highlighting an active uptrend for the meme coin.

Furthermore, the Relative Strength Index (RSI) is also hovering in the bullish zone above the neutral level. Until the RSI hits the overbought zone (80.0), prices may continue rising in the short term.

Dogecoin Is Yet To Make A Similar Recovery

Despite trading higher than the lows in June, DOGE has so far struggled to attract the same level of interest as its rival coin, Shiba Inu.

While SHIB is now up more than 70% from its most recent lows, DOGE is up a more conservative 39.4%, indicating a potential shift in popularity.

Notably, Dogecoin’s daily trading volume has also been surpassed by that of SHIB over the past 24 hours, coming in at $540 million compared to $876 million for Shiba Inu.

Dogecoin still has some way to go before it returns to the $0.08 level from June, and indicators are gradually showing more bullish signals.

The MACD is indicating a bullish crossover as seen by the green bars at the bottom. This means that the positive price action is gaining momentum and is likely to continue if current circumstances remain the same.

There is also some confluence with the 50-day Simple Moving Average (SMA) (red line) which is likely to act as support going forward, provided that the wider markets continue to rally.

If DOGE is able to continue its current trajectory, it may recover from all of its losses seen in June.

This article was originally posted on FX Empire


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