Dogecoin (DOGE) and Shiba Inu (SHIB), two leading meme tokens, have seen a price surge of 5% and 4% respectively in the last 24 hours. This increase followed positive developments regarding a Bitcoin ETF from the Securities and Exchange Commission (SEC). The upbeat sentiment around the BTC ETF approval has intersected with DOGE’s 12-hour MACD, indicating a potential trend reversal and the start of a new bullish cycle, although fundamental momentum indicators did not show a significant increase in value.
The sideways movement of DOGE’s key indicators suggests the minor uptick may be due to the general altcoin market’s upward trend rather than actual demand for the meme token. Conversely, SHIB has seen a steady increase in token accumulation over the last 12 hours, with RSI and MFI indicators above the midline, hinting at investors’ preference for accumulation over selling during this period.
SHIB’s volume has also been on an upward trend, now at 543.81 trillion, and has been rising steadily since the SEC’s nod. Despite the recent recovery, SHIB may still be under bearish pressure due to the downward trend that has plagued its value since the beginning of the year.
According to readings from the Directional Movement Index (DMI) for SHIB, the positive direction index stood at 19.06, below the negative direction index at 23.82, signaling that selling pressure exceeds buying strength. This is further confirmed by the token’s average directional index at 29.08, indicating a strong bearish trend.