Shiba Inu and Dogecoin Join Market Trend As SHIB Surpasses Avalanche


Key Insights:

  • Dogecoin declined by more than 3% in the last 48 hours.
  • Shiba Inu has only moved by 2.47% in the span of 14 days.
  • Bitcoin and Ethereum remained unmoved at $23k and 1.6k.

The crypto market was trading in red in the day, but at the time of writing, things seemed to have gotten better as the impact it had on the meme coin market disappeared.

Valued at $16 billion, the meme coin market cap did not change by a lot, as did Bitcoin and Ethereum, which were trading at $23,054 and $1,646, respectively.

Dogecoin Sits!

Following weeks of fluctuating price action Dogecoin noted a 3.04% drop in the previous two days, which won’t really bear an impact on the asset.

This is because this slight drop is the counter effect of the 31.86% rise observed by DOGE in the last month or so.

But this does not mean that the meme coin is all safe from prolonged bearishness.

The altcoin is already in a downtrend for more than a week now and will continue to be since the Parabolic SAR’s white dots continue to hover above the candlesticks.

Plus, with the appearance of the red bar on the Awesome Oscillator, DOGE might continue moving up and down, following the present pattern. Trading at 6 cents, Dogecoin is still looking to close above $0.07, which is ideal for the altcoin as well as the investors.

Shiba Inu Lies Down

While the meme coin king is already down, albeit slightly, Shiba Inu seems to not be in the mood to fall down at all. In over two weeks, all that the coin has moved is by 2.47% in favor of the bears, which hasn’t even impacted the prices by a lot.

On top of that, the Bollinger Bands aren’t indicating any high volatility either.

This is beneficial for the altcoin as it would enable SHIB not to lose a lot of its 54.36% rally noted by the altcoin in more than a month.

Besides, the investors aren’t pulling their money out of the asset anyways. The Chaikin Money Flow (CMF) exhibits the same, with the indicator sitting close to the neutral line for more than two weeks now.



Source link

(Visited 7 times, 1 visits today)

About The Author

You Might Be Interested In

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

This is default text for notification bar