Shiba Inu and Dogecoin Imitate Each Other With a 4.6% and 5.4% Rally

Key Insights:

• Dogecoin rallied by 5.45% to trade at $0.07.
• Shiba Inu followed closely, rising by a little over 4%, trading at $0.00001078.
• Bitcoin and Ethereum closed above $20k and $1.2k, respectively.

The broader market trend changed into consolidation today after a week of volatile movement. The meme coins did not move by a lot but managed to remain in the green thanks to the king coin, Bitcoin, and altcoin king Ethereum closing above critical levels.

Shiba Inu Is Almost There

After crashing by almost 37% back in June, Shiba Inu lost its one support of $0.00001. However, the drawdown didn’t stick for long, and the altcoin could be observed rallying by 53.32% over the next week after hitting the lows.

Noting some downfall in the next few days, SHIB is now slowly making its way back to the price it was at before the crash took place. Currently trading at $0.00001078, the price indicators are also supporting the chances of a recovery taking place soon.

The divergence of the Bollinger Bands does indicate volatility declining soon however, with the candlesticks keeping above the bias, SHIB will witness green candles going forward. 

Further backing this is the appearance of a green bar on the MACD, which saved SHIB from going through a bearish crossover. As long as the memecoin can maintain this position, it is bound to rise above $0.000012.

Dogecoin Follows Shiba’s Tail

Being one of the only few altcoins to note an active uptrend still, DOGE is inching closer to the pre-June crash price levels of $0.858.

The altcoin first went through a 38.37% crash at the beginning of June, followed by a 34.62% recovery in the 12 days following the dip to the lows of $0.05. 

But marking a 5% uptick in the last 24 hours put DOGE right below the $0.075 mark. Flipping this resistance into support is crucial for DOGE as it would allow it to reclaim the losses of June.

The presence of Parabolic SAR’s white dots below the candlesticks indicates an active uptrend. However, if the dots shift their position to above the candlesticks, DOGE might note some bearishness. 

The Relative Strength Index (RSI) is also highlighting a similar direction as the indicator is barely above the neutral mark. If the selling pressure takes over, the RSI will be back in the bearish zone pretty soon, and DOGE will lose the chance to recover quickly.