Doge and Shiba Inu Fail to Impress Following Approval of Bitcoin ETF
By AZC News | Jan 12 2024
Over the past day, DOGE and SHIB have experienced a 5% and 4% increase in value, respectively. Despite these gains, bearish forces still maintain control in both markets.Doge and Shiba Inu Fail to Impress Following Approval of Bitcoin ETF
Meme-based cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), experienced modest gains of 5% and 4% respectively within the past 24 hours. This increase followed the recent approval of a Bitcoin ETF by the Securities and Exchange Commission (SEC).
As of the latest update, DOGE was trading at $0.08264, while SHIB was valued at $0.00000994, based on CoinMarketCap data.
DOGE bulls beware
Caution is advised for DOGE enthusiasts, as the positive momentum resulting from the BTC ETF approval manifested in a slight upward crossover of DOGE's MACD with its trend line on a 12-hour chart. While this typically signifies the beginning of a new bullish cycle, it's important to highlight that the demand for DOGE remained relatively subdued.
As of the current moment, crucial momentum indicators revealed no significant surge in value. The Money Flow Index (MFI) rested at 50.62, positioned on the center line, and the Relative Strength Index (RSI) stood at 46.16. The lateral movement of these key indicators indicates that DOGE's minor rally and the signals from its MACD were more a result of the overall uptrend in the altcoin market over the past 24 hours than a genuine surge in demand for the meme coin during that period.
SHIB displays signs of accumulation
Over the past 12 hours, Shiba Inu (SHIB) has demonstrated a consistent increase in coin accumulation. Both its Relative Strength Index (RSI) and Money Flow Index (MFI) indicators were above their respective center lines at the latest update, indicating a preference for accumulation rather than sell-offs during this time frame.
Similarly, the On-Balance-Volume showed an upward trend at 543.81 trillion, steadily rising since the SEC granted its approval.
However, despite this recent rally, SHIB continues to grapple with bearish influence due to the persistent downward pressure that has affected its value since the beginning of the year.
Related: Tesla Accepts Dogecoin Payments For CyberTruck?
Analyzing data from the coin's Directional Movement Index (DMI), the positive directional index (green) was 19.06, positioned below its negative directional index (red) at 23.82. This suggests that the sellers' strength outweighed that of the buyers. Reinforcing this observation, the coin's Average Directional Index (yellow) at 29.08 indicated that the prevailing bearish sentiment remained robust.