How are DOGE, SHIB faring as markets cheer for ETFs

In the last 24 hours, DOGE and SHIB’s value has risen by 5% and 4%, respectively.
However, in both markets, control remains in the hands of the bears.

Leading meme coins, Dogecoin [DOGE] and Shiba Inu [SHIB] recorded minor upswings of 5% and 4% in their prices over the past 24 hours. This uptick comes on the heels of the Securities and Exchange Commission’s (SEC) recent approval of a Bitcoin ETF.

At press time, DOGE exchanged hands at $0.08264, while SHIB traded at $0.00000994, according to data from CoinMarketCap.

DOGE bulls beware

The positive sentiment surrounding the BTC ETF approval led to an upward intersection of DOGE’s MACD with its trend line on a 12-hour chart. This signaled a trend change as the approval news initiated an altcoin market rally.

While this type of upward intersection suggests the commencement of a new bull cycle, it is key to note that the demand for DOGE remained low. At press time, key momentum indicators did not return any significant hike in value.

Source: TradingView

Its Money Flow Index (MFI) rested on the center line at 50.62, while its Relative Strength Index (RSI) was 46.16.

The sideways movement of these key indicators showed that DOGE’s minor rally and the readings from its MACD indicator were fueled by the general altcoin market uptrend in the last 24 hours and not by any real demand for the meme coin during that period.

SHIB sees accumulation, but…

SHIB, on the other hand, has seen a steady uptick in coin accumulation in the past 12 hours. Its RSI and MFI indicators rested above their respective center lines at press time, signaling that coin traders favored accumulation over sell-offs in the last 12 hours.

Likewise, its On-Balance-Volume was in an uptrend at 543.81 trillion, rising steadily since the SEC gave its approval.

Source: TradingView

However, due to the downward pressure that led to a decline in SHIB’s value since the year began, it continues to remain under bearish influence despite the recent rally.

Read SHIB’s Price Prediction 2024-25

According to readings from the coin’s Directional Movement Index (DMI), its positive directional index (green) was 19.06, and it rested below its negative directional index (red) at 23.82. This signaled that the sellers’ strength exceeded that of the buyers.

Confirming this strength, the coin’s Average Directional Index (yellow) at 29.08 suggested that the bearish sentiment remained strong.