Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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

Share This Post

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.

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.

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

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

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Was the Ethereum Price Rise Due to the Infini Hack? Is the Bullish Momentum Fading off?

The post Was the Ethereum Price Rise Due to the Infini Hack Is the Bullish Momentum Fading off appeared first on Coinpedia Fintech News The market volatility was expected to increase as it heads

Pi Coin’s Skyrocketing Value: What Withdrawal Restrictions Mean for Your Investment

The post Pi Coin’s Skyrocketing Value: What Withdrawal Restrictions Mean for Your Investment appeared first on Coinpedia Fintech News Pi Network has experienced a dramatic surge in price,

China Calls on the US to Stop Weaponizing Trade Issues

Chinese Embassy to the US spokesman Liu Pengyu stated that politicizing and weaponizing trade issues is against the ethos of what the US seeks to champion: fair competition and free trade between

Bitcoin Is Just Getting Started—Mathematician Predicts A Massive Future

Despite the meteoric rise of Bitcoin since its inception, a Wall Street mathematician insists that its journey is only just commencing Related Reading: Crypto Hub Wars: Hong Kong And Singapore

Dogecoin Warning: One Level Could Trigger A Surge, Says Analyst

In his latest livestream, crypto chartist Kevin drilled down on Dogecoin’s price action, stressing both caution and optimism for the popular meme coin Speaking to his YouTube audience, Kevin

Key U.S. Events This Week To Watch Out: Will BTC Break the $100K Mark?

The post Key US Events This Week To Watch Out: Will BTC Break the $100K Mark appeared first on Coinpedia Fintech News This week is packed with major economic events that could impact Bitcoin’s