Dogecoin and Shiba Inu prices are within the green today, providing a bullish outlook for the foremost meme coins. This price surge is because of several developments, including the US Federal Reserve hinting at easing monetary policies soon enough.
Why Dogecoin And Shiba Inu Prices Are In The Green Today
CoinMarketCap data shows that Dogecoin and Shiba Inu prices have surged over 3% and a pair of%, respectively, within the last 24 hours. The foremost meme coins surged following the FOMC meeting on March 19, with the US Federal Reserve hinting at easing monetary policies soon enough. The US Central Bank announced it’ll slow its balance sheet runoff starting April 1.
The balance sheet runoff is often certainly one of the quantitative tightening (QT) policies the US Central Bank adopts. As such, slowing this balance sheet runoff could pave the way in which for quantitative easing (QE) policies. That is bullish for the Dogecoin and Shiba Inu prices since this can boost investors’ confidence in allocating more capital to the foremost meme coins.
Moreover, Ripple CEO Brad Garlinghouse announced yesterday that the US SEC has agreed to drop the Ripple lawsuit, which is bullish for the crypto industry as an entire. This development also contributed to the Dogecoin and Shiba Inu price surge, with the meme coins rallying alongside XRP on the back of this news.
Following this news, Bitnomial announced the launch of the first-ever CFTC-regulated XRP Futures within the US. That is bullish for the Dogecoin and Shiba Inu prices, because it could pave the way in which for the launch of regulated Futures products for these meme coins, which might attract institutional funds.
Meanwhile, it’s price mentioning that the Bitcoin price surged to as high as $87,000 following the Fed’s announcement. As such, the Dogecoin and Shiba Inu prices were certain to surge given their strong positive correlation with the flagship crypto. Bitcoin looks to be back in bullish territory, which has boosted investors’ confidence to allocate their capital to those meme coins.
What Next For The Meme Coins
Crypto analyst Trader Tardigrade revealed that Dogecoin’s 4-hour chart shows a breakout from a symmetrical triangle, indicating that a bullish reversal may be on the horizon. His accompanying chart showed DOGE could rally to $0.19 within the short term, which could then pave the way in which for further rallies to the upside.
In one other X post, the analyst stated that Dogecoin’s Stochastic Relative Strength Index (RSI) suggests DOGE could stop its downtrend at its current price level and aim for the $1 mark.
Meanwhile, Shiba Inu also boasts a bullish outlook. SHIB burns have skyrocketed over 800% within the last seven days, with 551 million tokens burned. Crypto analyst Javon Marks has predicted that SHIB could still come near its current all-time high (ATH) and possibly surpass it.
Featured image from Unsplash, chart from Tradingview.com
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