Shiba Inu and Dogecoin Improve As Market Cap Crosses $1.1 Trillion

Key Insights:

• Dogecoin moved up slightly to inch closer to $0.07.
• Shiba Inu has been on a gradual incline as well, albeit a slow one.
• Bitcoin and Ethereum noted an incline to trade at $23.9k and $1.7k.

The crypto market’s bullishness rubbed off on the meme coin market as well, with the value of these cryptocurrencies rising to $16.6 billion at the time of writing.

While Dogecoin and Shiba Inu noted slight increases, the king coin Bitcoin and the altcoin king Ethereum did not shy from rising as well, trading at $23,972 and $1,777.

Dogecoin Goes Up First

By the looks of it, the altcoin hasn’t moved by much since the end of June, and as correct as that may be, DOGE has been in a gradual incline, as visible by the price.

Inching closer to breaching the $0.07 mark, the meme coin is making the most of the available bullishness.

This is because, on the macro scale, Dogecoin has been in a downtrend since mid-July, as evinced by the presence of the white dots above the candlesticks.

Somehow, DOGE has been fighting this downtrend to keep from falling below $0.06.

Furthermore, the Awesome Oscillator is also flashing bullish signals despite the downtrend, and as long as the green bars keep appearing, DOGE will have room for recovery.

This is necessary since the coin is yet to regain what it lost during the 65.72% crash from April to June.

Shiba Inu Follows Suit

Noticing no critical changes either, Shiba Inu followed into Dogecoin’s steps but rose by 1.72% to trade at $0.00001233.

The altcoin investors are still far away from profits, as, in order to do that, the meme coin will have to recover the almost 60% losses that SHIB noted between May and June.

The chances of the same are pretty bleak at the moment since the Bollinger Bands are continuing to converge instead of diverging.

This indicates that the volatility in the market is reducing, which is only going to keep the price fluctuations controlled just as long as the candlesticks keep above the basis of the indicator.

Investors also realize this improbability which is why they are pulling their money out of the asset. This is visible by the downtick noted on the Chaikin Money Flow.

The indicator slipped into the negative zone after almost a month and currently stands at a two-month low.