THE Dogecoin and Shiba Inu price Increase today, provoking a bullish feeling among investors. This comes after the massive wave of sales earlier in the week, which resulted in a significant drop in the main parts even.
Why the prices dogecoin and shiba inu increase
Coinmarketcap data Shows that the prices of Dogecoin and Shiba Inu increase today, indicating that a bullish reversal can be on the horizon. This price wave is due to developments on the macro side, with the Federal reserve Leaving interest rates unchanged between 4.25% and 4.5%.
The unchanged federal reserve conservation rates are generally lower for Dogecoin and Shiba Inu prices. However, Fed Chair Jerome Powell The speech after the FOMC meeting provided a certain bullish momentum for the cryptography market, which is why the largest parts of memes increase today.
Although Powell said they were not in a hurry to reduce rates, he added that financial institutions were free to serve cryptographic customers as long as the risks involved were managed appropriately. This immediately sparked a bullish feeling among cryptographic investors, as the American central bank indirectly gave the head sign for the adoption of cryptography among banks.
In addition, it comes as Morgan Stanley The CEO Ted Pick recently revealed that the bank was working with regulators to explore cryptography services. As such, Powell’s speech is appropriate and offers bullish momentum for Dogecoin and Shiba Inu prices and the wider cryptography market.
THE Bitcoin price had also exceeded $ 105,000 after Powell’s speech. The Bitcoin rally also contributed to the rise in Dogecoin and Shiba Inu prices. The main parts even are known to share a strong correlation of positive price with the flagship crypto and the rally when BTC does. Based on the correlation, Crypto analyst Kevin Capital said that the Dogecoin price is waiting for BTC to take its next step, and when it happens, it will be explosive for the same room.
What is the following for Doge and Shib
In a post X, crypto analyst Tarden late provided information on what could then happen for the price of Dogecoin. In a post X, he said that Dogecoin could attend a 6 -month similar rally in the Bull Run 2021. This came because he identified a comparable Doge structure that emerged in the previous cycle.
In another post X, he said that the DOGE / BTC graph suggests that a big candle could appear next month for the Dogecoin price. His graphic that accompanies him showed that the most important meme piece could rally to As high as $ 2 When this big candle occurs.
Meanwhile, Crypto Investing Haven analysts provided a bullish perspective for the Shiba Inu price. He noted that if other pieces of memes have crashed, Shib has remained strong with less than a correction of 20% in January. He added that Shiba Inu formed a reversal of a Haussier and is seated between the main levels of fibonacci.
Felash star image, tradingView.com graphic