The Shiba Inu and Dogecoin prices are in a steep sell-off today after staging a major rally during the weekend. The SHIB is trading at $0.0000075 while the DOGE price is trading at $0.2435, bringing their total market capitalization to more than $2.8 billion and $31 billion, respectively.
A new bullish cycle?
The Dogecoin and Shiba Inu prices are substantially higher than where they were in July. For one, they have all jumped by more than 18% in the past seven days. They are not alone. Other coins like Ethereum, Bitcoin, and Ripple have all rallied.
In total, the market capitalization of all coins tracked by CoinMarketCap has seen their total market value rise to more than $1.77 trillion. This is substantially higher than where they were a few weeks ago.
Therefore, with Bitcoin rising above $45,000, there is a sense that a new bullish run across the cryptocurrency industry has resumed. At the same time, the total volume across most exchanges has risen to substantially in the past few days. As such, if we are now in a new bullish cycle, there is a possibility that the coins will keep rising.
The key data to watch this week will be the Coinbase Global earnings. The company is expected to record revenues of more than $2.3 billion while its earnings per share is expected to rise to more than $2.2.
Dogecoin price prediction
The four-hour chart shows that the DOGE price rose to a high of $0.2835, which was substantially higher than the year-to-date low of $0.1630. This price was also along the highest point on June 25, making it an important resistance. A closer look at the chart shows that the coin has formed what looks like a cup and handle pattern.
The current decline is part of the handle section. It remains above the 25-day and 50-day moving averages. Therefore, there is a possibility that the coin will rebound as bulls attempt to move above $0.300.
Shiba Inu price prediction
The four-hour chart shows that the SHIB price has jumped by more than 34% from the lowest level since June. At the current level of $0.0000075, the coin is about 17% below the highest level during the weekend.
It has also retested the key support at $0.0000070. It is still above the 25-day and 50-day moving averages. Therefore, the coin will likely resume the bullish trend and retest the highest point during the weekend.