Shiba Inu Coin Makes New Highs on the Second Bullish Leg, Dogecoin Missing out on the Crypto Rally
Meme coins have become quite popular in the crypto industry. Dogecoin ranks 9th, with a market capitalization of $34.5 billion, while the Shiba Inu coin has just increased to 11th place in the rankings, with a market cap of more than A$15 billion. There was a time when they behaved similarly too, but since the beginning of October, the situation has changed, as Shiba Inu surges higher, while Dogecoin remains stagnant, so let’s have a look at them.
Shiba Inu Daily Chart Analysis – The Uptrend Resumes Again
SHIB/USD bounces off the 20 daily SMA, breaking the previous high
The surge in meme coins during the first several months of this year didn’t last long, as they crashed down not long after the upsurge. SHIB/USD rocketed to $0.000035-40 in May, but lost around 90% of its value that month and traded near the lows, inside a range for a long time, showing no signs of life. But, in the first week of October, Shiba started surging again, gaining around 5 times in value.
The surge stalled at the end of the first week, but unlike it did in May, this time Shiba Inu held the gains and the price consolidated within a range. That lasted until the 20 SMA (gray) caught up on the daily chart, and now the price is surging again. SHIB/USD has broken above the previous highs now, so it is trading at record levels.
There’s not much behind this rally. The first surge this month came after Elon Musk tweeted a picture of his family pet, a shiba inu dog, and a large buy from a whale wallet. This time, it seems to be the listing of Shiba Inu by the trading application Public on its trading platform four days ago, as the Robinhood rival widens its cryptocurrency offerings. Now we are hearing rumours that this crypto might be listed on Robinhood, which is boosting the price further.
Dogecoin Daily Chart Analysis – The 200 SMA Holds as Resistance
Dogecoin was looking better than Shiba Inu after the bearish momentum in the crypto market ended in July, as it continued to make gains until the middle of August, while Shiba was trading in a tight range. But, after the second bearish market in September, DOGE/USD hasn’t been able to recover, while, as we said above, Shiba is surging.
Buyers have been trying to resume control, but the 20 SMA is not letting them. That moving average, which was working as support before, has turned into resistance and is keeping the price down, so Dogecoin doesn’t look interesting for a buy right now.
Dogecoin Live Chart
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