SHIB & DOGE Make Slow Recovery Despite Market Cap Crossing $1.04T
- Shiba Inu noted an 8.1% growth over the last 24 hours.
- Dogecoin also joined the rally with a 9.68% rise today.
- Bitcoin and Ethereum also benefitted from the rally to trade above $23k and $1.7k.
While the broader market rallied today, it also took meme coins along with itself on the journey as the market cap of these cryptocurrencies shot up by 6.09% to cross the $16 billion mark.
Shiba Inu Investors Are Happy Today
Up by 8.1% today, Shiba Inu seems to have recovered the downfall it noted over the last week, saving the meme coin from excessive losses.
While this may have made investors happy for now, SHIB is yet to actually note growth since it is still trading at the same price of $0.00001171 it was at after the almost 60% crash of April and May.
In order to continue rising, SHIB will have to flip the 100-day Simple Moving Average (SMA) (green) line into support as it will provide the support the altcoin needs to rally further towards the 200-day SMA (blue) line.
It also requires not to lose the support of the 50-day SMA (red) it already gained towards the end of June.
This is because the MACD is on the verge of descending into a bearish crossover and might as well end up doing so if the indicator notes any more red bars’ appearance. The same would lead SHIB towards its June lows.
Dogecoin Brings the Rally
The meme coin king Dogecoin led the cryptocurrencies to rally today as the altcoin shot up by almost 10% over the previous 24 hours.
While the rally isn’t as significant as other cryptocurrencies’ growth observed today, it was enough to save DOGE from falling below the 6 cents mark.
The Bollinger Bands remained converged today with the basis of the altcoin sitting below the candlestick thanks to the rally.
As long as the volatility remains low and DOGE keeps this momentum going, it will be able to recover the $0.7 mark.
However, the lack of volatility could also lead to corrections, the sign of which are also visible on the Awesome Oscillator.
The indicator noted the appearance of another red bar below the neutral line today despite the rally, which could be a matter of concern for DOGE going forward.