Key Insights:
- Despite a broader market recovery, Shiba Inu only marked a 2.76% growth in the last 24 hours.
- Dogecoin further didn’t move at all, trading at $0.692, the same level it was at yesterday.
- Bitcoin and Ethereum, on the other hand, continue rising today, trading at $23k and $1.5k.
The crypto market rallied today as well as the total capitalization of all cryptocurrencies rose to $1.04 trillion.
The meme coin market, while only amounts to $16.4 billion, does drive the trend thanks to the presence of Dogecoin and Shiba Inu, which did not make much of a dent in the market today.
Shiba Inu Takes Back What It Lost
Although the last 24 hours haven’t been the best for SHIB this week, its rise over the last couple of weeks has helped the meme coin actually take back what it lost during the June crash.
After depreciating by almost 37% in 18 days, SHIB took nearly a month to reclaim $0.00001200, the price it was at before the crash. Of the entire recovery. 24.37% of it came just this week.
However, this is not the limit for SHIB at the moment since the price indicators are heavily bearish. The Parabolic SAR’s white dots just came back down beneath the candlesticks highlighting an active uptrend or the meme coin.
Furthermore, the Relative Strength Index (RSI) is also maintaining its presence in the bullish zone above the neutral zone. Until the pink indicator hits the overbought zone (80.0), the chances of a trend reversal are minimal.
Dogecoin Is Yet To Do the Same Though
Unlike Shiba Inu, the king of meme coins, Dogecoin did not witness a similar rise since the crash, and the altcoin is yet to recover its 40.28% decline completely.
That will, although not be the end of DOGE’s journey as right after, it will face the challenge of recovering the losses of May’s 47.89% dip.
But firstly, the chances of the coin returning to $0.08 are looking good as the price indicators are becoming bullish again after a slight slip.
The 50-day Simple Moving Average (SMA) line (red) is most likely set to act as support going forward for DOGE, provided it can sustain its 10.11% growth noted in the last two days.
Secondly, the MACD reclaiming the bullish crossover, the appearance of the green bars support a similar outcome for the altcoin.
Thus, if DOGE is able to take advantage of its current situation, it will be able to reclaim the June crash losses by the end of this month.
