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Dogecoin and Shiba Inu prices have been recovering since their significant declines at the end of February. This recovery trend has been sparked by macro factors, which provide a bullish outlook for the foremost meme coins in the long term. 

Why Dogecoin And Shiba Inu Prices Are Gaining Momentum

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices have recorded gains in the last seven days, which is a positive considering that the foremost meme coins had significantly crashed a week earlier. This recovery trend is thanks to macro factors such as the weak US job data. 

The US nonfarm payrolls increased by 151,000 in February, below expectations of 158,000. Meanwhile, the unemployment rate rose to 4.1%, higher than the expected 4.0%. Weak job data is bullish for Dogecoin and Shiba Inu prices. The US Federal Reserve could be forced to ease its quantitative tightening policies when the labor market looks weak. 

The Fed’s easing of tightening policies leads to rate cuts, which sparks a bullish sentiment among investors. They are willing to allocate more capital to risk assets like Dogecoin and Shiba Inu. Another reason the foremost meme coins have been on a recovery trend is that US President Donald Trump finally signed an executive order creating the Strategic Bitcoin Reserve and Digital Asset Stockpile. 

This executive order has further given legitimacy to Bitcoin and other crypto assets like Dogecoin and Shiba Inu. As a result, they could witness more adoption among retail and institutional investors. As such, their prices are simply reacting to these bullish fundamentals, which explains the recovery trend seen in the last seven days. 

Another development that is set to boost Dogecoin and Shiba Inu’s adoption is the OCC’s clarification that US banks can engage in crypto custody activities. Financial institutions can now custody crypto assets like these meme coins, which is very bullish, especially with Dogecoin ETFs on the horizon. 

What Next For The Foremost Meme Coins

Crypto analyst Trader Tardigrade revealed that Dogecoin’s monthly candle has formed a doji, mirroring the same position in the previous cycle. He added that this doji might kick off a DOGE bull run, similar to the massive spike in the 2017 bull run. Interestingly, in an earlier analysis, the analyst stated that the foremost meme coin could move to the upside this weekend. 

Related Reading: Bitcoin Goes Official: Texas Becomes 1st US State With BTC Reserve

Meanwhile, in an X post, crypto analyst Javon Marks indicated that the Shiba Inu price is eyeing a rally to $0.000081, representing a gain of over 480% from the meme coin’s current level. The analyst had earlier noted that SHIB continues to hold its breakout which took place between 2022 and early 2023. With the price breakout holding, the analyst asserted that the target continues to be at the $0.000081 point. 

Featured image from Pexels, chart from TradingView

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The Cardano price was one of the major beneficiaries of the positive momentum injected into the market following US President Donald Trump’s announcement of a strategic crypto reserve. On Sunday, March 2, the altcoin surged by almost 60% in a couple of hours after the disclosure.

While the Cardano price has maintained a good percentage of the early-week gains, it has experienced a mild pullback over the past week. Interestingly, the current price setup suggests that the cryptocurrency may soon resume its upward trajectory and travel to new cycle highs.

What’s Next For ADA Price In This Cycle?

In a March 7 video posted on the X platform, popular crypto analyst Ali Martinez revealed how ADA could enter a fresh bull rally to a new high in the current cycle. According to the crypto pundit, the ninth-largest cryptocurrency could still make a play for the $2 mark.

The rationale behind this bullish prediction is the formation of a right-angled, descending broadening wedge on the daily timeframe of the ADA price chart. A broadening formation is a technical analysis pattern typically marked by two diverging trendlines; an ascending upper trendline (connecting a series of higher highs) and a descending lower trendline (connecting lower lows).

Source: @ali_charts/X

However, as shown in the chart above, the broadening wedge pattern in the ADA daily chart specifically has a horizontal upper trendline (right-angled) and a falling lower trendline. In any case, this chart pattern is usually associated with a period of increasing price volatility (or significant price action).

While the broadening patterns are mostly bearish chart formations, they sometimes just signal rising volatility without a clear indication of the next price direction. Nonetheless, the current formation, which has persisted since December 2024, appears to be bullish for the Cardano price.

Martinez said the altcoin seems ready for a significant price move to the upside. However, the analyst noted that the ADA price would need to overcome the major resistance level (around $1.14) at the horizontal trendline before a bullish breakout can be confirmed.

If Cardano successfully breaches and closes above this resistance level, its price could more than double over the next few weeks. Martinez set the price target for ADA at $2, representing an over 140% surge from the current price point.

Cardano Price At A Glance

After surpassing $1.1 on the back of the strategic crypto reserve news earlier, the price of ADA has returned below $1. As of this writing, the Cardano price stands at around $0.82, reflecting an over 4% decline in the past 24 hours.

The price of ADA on the daily timeframe | Source: ADAUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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Sonic Labs co-founder Andre Cronje has explained the reasons for Ethereum’s (ETH) faltering price performance in recent months. The DeFi godfather points to rising competition from Solana and Tron and internal wrangling on Ethereum as reasons for the network’s decline.

Andre Cronje Identifies A Boatload of Factors Affecting Ethereum

As analysts continue to scratch their heads over Ethereum’s underperformance, Andre Cronje has thrown his hat in the ring to explain the asset’s decline. Cronje took to X (formerly Twitter) to rationalize falling Ethereum prices in the face of major catalysts for the network.

Top on the list for Cronje are layer 2 projects “ruining” user experiences via fragmented liquidity and the use of centralized sequencers. Cronje notes that the decision of L2 projects to dump ETH adversely affects price performance. Furthermore, short pressure from USDe and a botched scaling roadmap contribute their share to falling Ethereum prices.

Cronje argues that ETH defenders are podcasters rather than engineers while the question of network representation remains unsettled. The recent appointment of Ethereum Foundation directors does little to convince Cronje to invest in the largest altcoin.

Cronje Will Rather Invest In Other Altcoins Over Ethereum

The Sonic Labs co-founder confirmed that the dour sentiment surrounding Ethereum is linked to increased competition from other blockchains. Rival blockchains like Solana (SOL) and Avalanche (AVAX) offer improved speed and finality while offering superior user interfaces.

For Cronje, these competing blockchains offer direct support to native projects rather than opting for neutrality. He argues that teams are just not building on Ethereum and are opting for other blockchains to host their projects.

“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” said Cronje.

Ethereum’s Grim Price Prediction

After the largest altcoin slipped below the $2,000 mark, on-chain analysts presented theories of ETH falling to $1,000. Ethereum currently trades at $2,215 with whales scooping up one million ETH on a discount.

Despite key catalysts like ETH ETF approvals and inclusion in the Crypto Strategic Reserve, the asset’s price performance is underwhelming. Analysts have their sights on resistance levels at the $2,857 mark and $2,084 for support as the assets navigate a choppy season.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.