The Dogecoin and Shiba Inu prices Turn today and triggers a bullish feeling among investors. This is done according to the massive wave of sales at the beginning of the week, which led to a significant decline in the leading meme coins.
Why do the prices of Dotecoin and Shiba Inu increase
Coinmarketcap data Shows that the prices of Dotecoin and Shiba Inu are increasing today, which indicates that a bullish reversal can be on the horizon. This price thrust was due to developments on the macro side with the Federal reserve Interest rates remained unchanged in the range from 4.25% to 4.5%.
The Federal Reserve Heeping Tares unchanged is usually for the prices of Dotecoin and Shiba Inu. Fed chair Jerome Powells The speeches after the FOMC meeting provided a bullish dynamic for the cryptoma market, which is why leading Memmünzen are increasing today.
Although Powell said they were in a hurry to reduce interest rates, he added that financial institutions were free to operate crypto customers as long as the risks involved were appropriately managed. This immediately triggered a bullish feeling among crypto investors, since the US central bank indirectly gave the nods for the crypto adoption among the banks.
In addition, it comes as Morgan Stanley CEO Ted Pice recently announced that the bank worked with the supervisory authorities to explore Krypto services. Therefore, Powell’s speech is contemporary and offers a bullish dynamic for the prices of Dotecoin and Shiba Inu and for the wider crypto market.
The Bitcoin price After Powell’s speech, over 105,000 US dollars had also increased. Bitcoin’s rally also contributed to increasing prices from Dotecoin and Shiba Inu. It is known that the most important memes coins have a strong positive price correlation with the flagship crypto and rally if BTC does this. Based on the correlation, the crypto analyst Kevin Capital said that Dogecoin’s price is waiting for BTC to take its next big step, and in this case it will be explosive for the Meme coin.
What next for Doge and Shib
In an X -Post, Crypto Analyst Dealer Tarderrade provided insight into what could come next for the Dotecoin price. In an X-post, he said Dogecoin could experience a 6-month rally like a bull from 2021. This happened when he identified a comparable Doge structure that had been created in the previous cycle.
In another X -Post, he explained that the Doge/BTC diagram indicates that a large candle could appear for the Dotecoin price next month. His accompanying table showed that the most important Memmünze could be gathered Up to $ 2 When this big candle occurs.
In the meantime, the Crypto Analyst Investing Haven provided a bullish view for the Shiba Inu Prize. He found that Shib fell with less than 20% correction in January, even though other Meme coins have crashed. He added that Shiba Inu had formed a bullish W change and sits between the most important Fibonacci values.
Selected picture of Unsplash, diagram of tradingview.com