the Dukwin and Chipa Ino prices They rise today, which sparked up of Saudi feelings among investors. This comes after the huge wave of sales earlier, which led to a significant decrease in all Meme currencies.
Why do the prices of Dogecoin and Shiba Inu rise?
Coinmarketcap data He explains that the prices of Dogecoin and Shiba Inu are rising today, indicating that the upscale reflection may be on the horizon. The high prices are due to the developments on the macro side, with Federal Reserve Leaving interest rates unchanged at 4.25 % to 4.5 %.
Federal reserve maintenance rates are usually unchanged for DOGECOIN and Shiba Inu. However, the Federal Reserve Chair Jerome Powell The speech after FOMC gave some budget momentum to the encryption market, which is why the first Meme currencies are rising today.
Although Powell said that they were not in a hurry to reduce prices, he added that financial institutions were free to serve encryption customers as long as the risks concerned were managed appropriately. This immediately sparked up of bullish feelings among the encryption investors who see that the US Central Bank has indirectly gave the gesture to the adoption of coding between banks.
Moreover, it comes Morgan Stanley CEO Ted Beck recently revealed that the bank was working with the organizers to explore encryption services. As such, Powell’s speech in a timely manner provides a bullish momentum for Dogecoin, Shiba Inu and broader encryption market.
the Bitcoin price It also rose above 105,000 dollars after Powell’s speech. The Bitcoin Rally also contributed to the high prices of Dogoin and Shiba Inu. It is known that the first meme currencies shared a strong positive connection with the main encryption and gathering when it does BTC. Based on the link, Kevin Capital, the encryption analyst, stated that the price of Dogecoin is expected to make BTC to make its next large movement, and when that happens, it will be explosive on the meme.
What after Duj and Shayb
In the X Publishing, the encryption analyst Trader tardigrade I presented an insightful look at what could come after that at the price of Dogecoin. In X Publishing, he said that Dogecoin can witness a similar gathering for a period of 6 months to one in the 2021 bull race. This came when identifying comparable Doug structure appeared in the previous session.
In another X Publication, he stated that the DOGE/BTC chart indicates that a large candle may appear next month for the DOGECOIN price. His accompanying scheme showed that the first Mimi currency can gather to It is $ 2 When this large candle occurs.
Meanwhile, the Investing Haven coding gave a thunderbolt look at the Shiba Inu price. He pointed out that while other coins crashed, Shaib remained strong with a correction of less than 20 % in January. He added that Shiba Inu has a bullish reflection and sits between the main levels of Fibonacci.
Distinctive image from Unsplash, Chart from TradingView.com
