Dogecoin and Shiba Inu prices are in the green today, providing a bullish outlook for the foremost meme coins. This price surge is due to 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 2%, respectively, in 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 will slow its balance sheet runoff starting April 1.
The balance sheet runoff is typically one of the quantitative tightening (QT) policies the US Central Bank adopts. As such, slowing this balance sheet runoff could pave the way for quantitative easing (QE) policies. This is bullish for the Dogecoin and Shiba Inu prices since this will boost investors’ confidence in allocating more capital to the foremost meme coins.
Furthermore, 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 a whole. 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 in the US. This is bullish for the Dogecoin and Shiba Inu prices, as it could pave the way for the launch of regulated Futures products for these meme coins, which would attract institutional funds.
Meanwhile, it is worth 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 bound 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 these 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 might be on the horizon. His accompanying chart showed DOGE could rally to $0.19 in the short term, which could then pave the way for further rallies to the upside.
In another 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% in the last seven days, with 551 million tokens burned. Crypto analyst Javon Marks has predicted that SHIB could still come close to its current all-time high (ATH) and possibly surpass it.
Featured image from Unsplash, chart from Tradingview.com
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