Shiba Inu and Dogecoin Rally by 4% Each As SHIB Loses to Avalanche

Key Insights:

• Dogecoin rose by 6% in 24 hours but remained at $0.63.
• Although closed in green, Shiba Inu is still on a downtrend this week.
• Bitcoin and Ethereum noted improvement today to trade at $21.6k and $1.5k.

The crypto market observed improvement in the last 24 hours, which also rose the meme coin market cap to $14.7 billion.

The meme coin king Dogecoin and Shiba Inu also witnessed minor changes as Bitcoin and Ethereum traded at $21,684 and $1,529, respectively.

Dogecoin Needs a Boost

Dogecoin, trading at $0.063 at the time of writing, noted a 5.95% incline in the last 24 hours. Although the growth wasn’t as significant, it did prevent DOGE from falling further.

As it is this week, the altcoin has declined considerably. Besides, DOGE is yet to recover the almost 40% losses it witnessed in June.

For the same, DOGE will need to first flip the 50-day Simple Moving Average (SMA) (red) line into support which it almost had a few days ago.

This would help DOGE to bounce on further and eventually reclaim the 100-day SMA (blue) line as well. In doing so, the altcoin would have recovered the June losses.

Secondly, the meme coin needs to see more buying pressure to pull its Relative Strength Index (RSI) out of the bearish zone and into the bullish zone above the neutral line (50.0). Once DOGE can achieve this, it will have more room to rise further.

Shiba Inu Is on a Downtrend

After declining by 10.52% in the last seven days, SHIB is once again observing a downtrend beginning, which could end up affecting the 58.26% gains it made over the past month.

Trading at $0.00001071, SHIB might slip below $0.00001 over the next few days.

This is because the Parabolic SAR has already officially indicated an active downtrend in the case of SHIB. The white dots of the indicator have moved above the candlesticks, with ample room between the two, highlighting extended bearishness.

The same is also verified by the bearish crossover visible on the MACD as the signal line (red) moved over the indicator line (white).

Further making it difficult for the sentiment to change is the appearance of the red bars below the neutral line after almost two months which will result in higher price falls.