Shiba Inu and Dogecoin Join Market Rally With a 7.14% and 6% Rise
Key Insights:
Dogecoin rose to $0.067, albeit marking a smaller rally than many of its competitors.
Shiba Inu joined the leading altcoins rising by 12.42% at the time of writing.
The crypto market inched closer to the $1 Trillion market cap.
The leaders of the meme coin market, Dogecoin, and Shiba Inu, were bound to witness gains when the rest of the market entered recovery.
Supported by Bitcoin and Ethereum as well, the total crypto market capitalization shot up to $988 billion at the time of writing, making it possible to close above $1 Trillion over the next 24 hours.
Dogecoin Takes Small Steps
The meme coin king is one of the few altcoins not to make the most of the active rally, as Dogecoin only increased by 6.76% in the previous 24 hours. The altcoin has not been particularly volatile when it comes to price action over the past few days as DOGE is fixated on making a slow recovery.
While it does protect the coin from major price falls, it also restricts the room for growth, leaving the crypto vulnerable to higher falls than rises.
This is why at the moment, when most of the altcoins have almost recovered their June losses, DOGE isn’t even halfway there. Trading at $0.067, DOGE needs support from the market to recover the nearly 40% drop, which it does not have at the moment.
The Parabolic SAR is still highlighting an active downtrend with the white dots of the indicator present above the candlesticks.
Secondly, the Relative Strength Index (RSI) is also yet to enter the bullish zone as it still lingers at or below the neutral mark. If the rally persists for a few more days, DOGE will note some bullishness on these indicators or else go back down.
Shiba Inu Matches the Market
SHIB had a relatively successful day when compared to Dogecoin, as the meme coin shot up by 12.42% in the span of 24 hours, bringing the three-week-long rally to 56.83%.
In doing so, SHIB also recovered the entirety of the losses it witnessed during June’s almost 37% crash. Trading at $0.00001166, SHIB is still bullish on the charts, with price indicators flashing further rise for the crypto.
The Bollinger Bands could be seen diverging at the time of writing, highlighting rising volatility. But with the presence of the candlestick above the basis of the indicator, any price swing SHIB witnesses will be in favor of a rise and not a fall.
Furthermore, the MACD managed not to lose its bullish crossover that it almost did a few days ago and the presence of the green bar provides hope to investors that SHIB is yet to note the full strength of this rally.
If the rise continues, SHIB will soon close above the next critical resistance of $0.0000125, giving it the boost it needs to rally further.
This article was originally posted on FX Empire
