Leading meme tokens in the cryptocurrency markets, Dogecoin (DOGE) and Shiba Inu (SHIB), recorded a price increase of 5% and 4% respectively in the last 24 hours. This rise occurred following the Securities and Exchange Commission’s (SEC) recent positive developments regarding the Bitcoin ETF.
Current Data on DOGE
The positive atmosphere surrounding the BTC ETF approval led to an upward crossing of the DOGE MACD line with the trend line on the 12-hour chart. This could signal a trend reversal and the start of a rally in the altcoin market following potential approval news. While such upward crossings may indicate the start of a new bull cycle, it is important to note that demand for DOGE remains low. At the time of writing, basic momentum indicators did not show a significant increase in value. The Money Flow Index (MFI) stood at 50.62 on the middle line, while the Relative Strength Index (RSI) was at 46.16.
The horizontal movement of the mentioned basic indicators and the analyses from the MACD indicator could suggest that DOGE’s slight rise and the general altcoin market uptrend in the last 24 hours may not be due to any real demand for the meme token. On the other hand, SHIB saw a steady increase in token accumulation over the last 12 hours. The RSI and MFI indicators were above the central lines at the time of writing, which could indicate that crypto investors preferred accumulation over selling in the last 12 hours.
Recovery Process in SHIB
Similarly, the volume in a balanced state was trending upwards to 543.81 trillion and has been rising steadily since the SEC’s approval. However, due to the downward pressure that has caused SHIB’s value to decrease since the beginning of the year, it may continue to be under a bearish influence despite the recent recovery.
According to readings from the Directional Movement Index (DMI) of the cryptocurrency, the positive direction index was at 19.06, remaining below the negative direction index at 23.82. This indicates that the strength of sellers surpassed that of buyers. The token’s Average Directional Index (ADX) at 29.08 confirms the strength of the bearish trend.
