Why Is Dogecoin And Shiba Inu Surging Today?
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Dogecoin and Shiba Inu are surging today, providing a bullish outlook for the foremost meme coins, which have traded sideways for a while now. This price surge has come following developments on the macro side, which have provided some form of market clarity.
Why Dogecoin And Shiba Inu Are Surging Today
CoinMarketCap data shows that Dogecoin and Shiba Inu are up over 4% in the last 24 hours. This price surge came following the US Federal Reserve's decision to keep rates unchanged. Although the decision not to cut rates is typically bearish for crypto assets, Jerome Powell's speech after the FOMC meeting provided some clarity, which led to the surge.
The Fed Chair stated that the US economy was in a good place, with inflation coming down. He also indicated that Trump's tariffs were the only concern, which was why they were still choosing to keep rates steady. Tariffs have become bullish for crypto assets like Dogecoin and Shiba Inu, with investors seeing Bitcoin as a hedge against this macro event.
Last week, Bitcoin surged to as high as $97,000 amid tariff uncertainties, while Dogecoin and Shiba Inu held steady and looked primed for a surge. Now, this surge has come following the Fed's latest decision and Powell's speech. It is worth mentioning that BTC surged to as high as $99,000 following the speech, which also prompted the move from DOGE and SHIB.
Dogecoin and Shiba Inu are also surging due to the US China trade war talks, which are set to begin on May 10. The two largest economies have imposed massive tariffs on each other, which has negatively impacted the market. As such, with trade talks set to begin, there is optimism that both countries could reach an agreement, which would be bullish for the foremost meme coins and the broader crypto market.
Meanwhile, US Treasury Secretary Scott Bessent has revealed that the US could soon reach trade agreements with 17 of its key trading partners. Market participants also consider this development bullish since it will ease the negative impacts of Trump's tariffs.
DOGE Could Reach As High As $0.30 On This Breakout
Crypto analyst Trader Tardigrade has suggested that Dogecoin could reach as high as $0.30 on this potential breakout. In an X post, he stated that DOGE's daily chart appears to be forming a 'Diamond Bottom' reversal pattern, indicating a potential shift for the leading meme coin from a recent downtrend to an uptrend.
His accompanying chart showed that the target is $0.28, although Dogecoin could also break the psychological $0.30 price level. Crypto analyst Master Kenobi also provided a bullish outlook for the meme coin, suggesting it could finally reach the much-anticipated $1 level if BTC maintains its bullish momentum.
DOGE trading at $0.182 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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