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Dogecoin

Here’s Why The Dogecoin And Shiba Inu Prices Are Rising Today

Scott Matherson
by Scott Matherson
7 months ago
·
Posted in Altcoin News, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin and Shiba Inu prices are rising today, sparking a bullish sentiment among investors. This comes following the massive wave of sell-offs earlier in the week, which led to a significant decline for the foremost meme coins. 

Why The Dogecoin And Shiba Inu Prices Are Rising

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are rising today, indicating that a bullish reversal may be on the horizon. This price surge has been due to developments on the macro side, with the Federal Reserve leaving interest rates unchanged at the 4.25% to 4.5% range.

Related Reading: Dogecoin Price Prepares For Monster Rally In Q1, Here’s The ATH Target

The Federal Reserve keeping rates unchanged is typically bearish for the Dogecoin and Shiba Inu prices. However, Fed Chair Jerome Powell’s speech after the FOMC meeting provided some bullish momentum for the crypto market, which is why foremost meme coins are rising today. 

Although Powell said they were in no hurry to cut rates, he added that financial institutions were free to serve crypto clients as long as the risks involved were managed appropriately. This immediately sparked a bullish sentiment among crypto investors seeing as the US Central Bank has indirectly given the nod for crypto adoption among banks. 

Moreover, it comes as Morgan Stanley CEO Ted Pick recently revealed that the bank was working with regulators to explore crypto services. As such, Powell’s speech is timely and provides a bullish momentum for the Dogecoin and Shiba Inu prices and the broader crypto market. 

The Bitcoin price had also surged above $105,000 following Powell’s speech. Bitcoin’s rally has also contributed to rising Dogecoin and Shiba Inu prices. The foremost meme coins are known to share a strong positive price correlation with the flagship crypto and rally when BTC does. Based on the correlation, crypto analyst Kevin Capital stated that the Dogecoin price is waiting for BTC to make its next big move, and when that happens, it will be explosive for the meme coin. 

What Next For DOGE And SHIB

In an X post, crypto analyst Trader Tardigrade provided insights into what could come next for the Dogecoin price. In an X post, he said Dogecoin could witness a similar 6-month rally to one in the 2021 bull run. This came as he identified a comparable DOGE structure that emerged in the previous cycle.

Related Reading: Here’s Why The Dogecoin Price Is Crashing Despite The DOGE ETF Filings

In another X post, he stated that the DOGE/BTC chart suggests a big candle might appear next month for the Dogecoin price. His accompanying chart showed that the foremost meme coin could rally to as high as $2 when this big candle occurs.

Dogecoin
DOGE poised for 2021-like rally | Source: Trader Tardigrade on X

Meanwhile, crypto analyst Investing Haven provided a bullish outlook for the Shiba Inu price. He noted that while other meme coins crashed, SHIB has remained strong with less than a 20% correction in January. He added that Shiba Inu has formed a bullish W reversal and is sitting between key Fibonacci levels.

Dogecoin
DOGE trading at $0.33 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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