Dogecoin and Shiba Inu Are Surging Today, Providing a Bullish Outlook for the Foremost Meme Coins

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.

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) had a good day on Wednesday, continuing their recent bullish run. The two meme coins are now surging as the US Federal Reserve kept rates unchanged and Jerome Powell provided some clarity on the economic outlook.

What Happened: According to CoinMarketCap data, Dogecoin and Shiba Inu were trading up over 4% in the last 24 hours.

The move in the meme coins came after the Fed decided to keep rates unchanged, a decision that is typically bearish for crypto assets. However, the US central bank provided some clarity on the economic outlook, and there were no surprises in the interest rate decision.

The Fed Chair stated that the US economy was in a good place, with inflation coming down. He also mentioned 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 (CRYPTO: BTC) 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 were holding steady and looked primed for a surge.

This surge has now 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.

However, 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.

According to US Treasury Secretary Scott Bessent, the US could soon reach trade agreements with 17 of its key trading partners. Market participants also consider this development to be bullish since it will lessen the negative impacts of Trump’s tariffs.

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DOGE Could Hit As High As $0.30 On This Breakout

Crypto analyst Trader Tardigrade suggested that Dogecoin could reach as high as $0.30 on this potential breakout. In an X post, he stated that the 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. Another 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.

According to Trader Tardigrade, the meme coin is showing signs of a reversal on the Point & Figure chart, indicating a potential shift in the price trend.

"If this Diamond Bottom plays out, we could see a move to at least the 0.28 area and possibly even higher to the 0.30 psychological level. A Measured Move from the recent high to low on this structure arrives at 0.27, which aligns closely with the 3-box P&F count from the recent low. This confluence of technical indicators suggests a potential rally to this price range. It's important to note that a break above the recent high is needed to confirm this scenario. The final point is that this structure has a 1:1 risk-reward, offering an interesting setup for those seeking opportunistic trades in the meme coin market," the analyst stated.

Related Link: Unpacking The Federal Reserve's Latest Decision And Economic Projections