- Over the past 24 hours, DOGE and SHIB have risen 5% and 4% respectively.
- However, control remains in the hands of the bears in both markets.
Leading meme coins, Dogecoin [DOGE] and Shiba Inu [SHIB] have registered small price increases of 5% and 4% in the last 24 hours. This uptick follows the Securities and Exchange Commission’s (SEC) recent approval of a Bitcoin ETF.
At the time of writing, DOGE was exchanging hands at $0.08264, while SHIB was trading at $0.00000994, according to data from CoinMarketCap.
Attention DOGE bulls
The positive sentiment surrounding the approval of BTC ETF led to an upward crossing of DOGE’s MACD with its trendline on a 12-hour chart. This marked a trend change as the approval news caused a rally in the altcoin market.
While these types of upward crossings suggest the start of a new bull cycle, it is important to note that demand for DOGE has remained low. At the time of writing, the key momentum indicators were not showing any significant appreciation.
Source: TradingView
The Money Flow Index (MFI) stood at the midline at 50.62, while the Relative Strength Index (RSI) stood at 46.16.
The sideways movement of these key indicators showed that DOGE’s small rally and the MACD indicator’s readings were fueled by the general uptrend in the altcoin market over the past 24 hours and not by any real demand for the meme coin during that period.
SHIB sees accumulation, but…
SHIB, on the other hand, has seen a steady increase in coin accumulation over the past 12 hours. The RSI and MFI indicators were above their respective midlines at the time of writing, indicating that coin traders favored accumulation over sell-off over the past twelve hours.
Likewise, On-Balance Volume was on an uptrend at 543.81 trillion, rising steadily since the SEC gave its approval.
Source: TradingView
Due to the downward pressure that has led to a decline in SHIB’s value since the beginning of the year, the price remains bearish despite the recent rally.
Read SHIB’s price forecast 2024-25
According to measurements of the coin’s Directional Movement Index (DMI), the positive directional index (green) was 19.06 and it rested below the negative directional index (red) at 23.82. This indicated that the power of the sellers was greater than that of the buyers.
The coin’s Average Directional Index (yellow) at 29.08 confirmed this strength and suggested that bearish sentiment remained strong.