Shiba Inu and Dogecoin Recover As Market Cap Hits $1.1 Trillion

Key Insights:

• Dogecoin finally closed above the $0.07 mark today.
• Shiba Inu also maintained the persisting bullishness with a 2% rise.
• Bitcoin and Ethereum noted gains as well, trading above $23k and $1.8k.

Although the market hasn’t been noticing any solid cues apart from the declining inflation today, there have been incidents reported today which may have had a negative impact on the crypto market, such as the Coinbase Earnings Q2 report.

The crypto exchange lost $1.1 billion in 3 months due to the bearish market, and today a German crypto exchange also filed for insolvency.

But Bitcoin and Ethereum, like the meme coin market, rallied today, trading at $23,779 and $1,835.

Dogecoin Stands Up

After weeks of oscillating below the $0.07 mark, DOGE finally breached the resistance and could be seen trading at $0.07011.

While it may not be a big deal in the grand scheme of things, consistent performance as such could place the altcoin in an extended rally.

The signs of the same are already visible on the altcoin, with the very first and obvious indication being the uptrend.

The presence of the Parabolic SAR’s white dots underneath the candlesticks hints toward the bullishness present in the market, which will support DOGE’s further rise.

MACD maintaining a bullish crossover highlights the same, although there is the presence of a couple of red bars on the indicator.

However, as long as they don’t fall below the neutral line, DOGE does not have much to worry about and can continue climbing beyond $0.07.

Shiba Inu To Go Boom?

Like Dogecoin, Shiba Inu did not exhibit any particular signs of a rally at the moment, but the altcoin is seemingly preparing for a rise in the near future.

This is important for the meme coin as it is yet to recover the losses of April and May, which almost hit 60% in a month.

The subtle divergence of the Bollinger Bands is a sign of increasing volatility in the market.

Usually, that is not the most ideal position for a cryptocurrency, but since SHIB has been stuck in consolidation for such a long time, this could help the coin mark a rally.

Secondly, the Relative Strength Index (RSI) is also keeping above the neutral line in the bullish zone.

This shows that despite the lack of growth, the buying pressure on the asset hasn’t reduced by a lot which will prevent a price fall in the asset, making room for a rally soon.