Crypto price analysis for February 5 – This week, the global crypto market began with sideways trading according to live data. The majority of the cryptocurrencies are trading in the red zone.
According to live data from CoinMarketCap, the general crypto market cap has dropped by 0.10% in the last 24 hours, falling to $1.63 trillion. Regardless, the crypto fear & greed index still speculates a bullish sentiment across the community with its value sitting at 60.
Flagship cryptocurrency Bitcoin has dropped by 0.48% over the last 2 hours according to live stats. This decline occurred after reaching a high of over $43k last weekend.
Furthermore, the world’s second-largest cryptocurrency – Ethereum, has increased by 0.31% over the last day and is now trading above the $2,300 mark.
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With this current trend in the crypto market, let us look at the price analysis for Dogecoin (DOGE) and Shiba Inu (SHIB) to see how the prices will react.
Dogecoin (DOGE) price analysis
According to Coinstats data, the value of Dogecoin (DOGE) has dropped by 0.74% in the last 24 hours. On the daily price chart, traders should keep an eye on the daily closure in terms of the $0.08028 zone.
Source: TradingView
If the close happens near or above the mark, then the accumulated energy may move the price of the token upward to the $0.082 level. At the time of writing, DOGE is selling at $0.07832.
Shiba Inu (SHIB) analysis
The rate of Shiba Inu has dropped by 0.82% over the last day. Looking from a technical standpoint, the price of Shiba Inu has not gathered enough momentum to either rise or drop. The falling trading volume confirms this.
It is more likely that we will see sideways trading in this instance over the next several days, centered around $0.0000090. Additionally, Shiba Inu has a 24-hour trading volume of $74,807,254 ($74.8 million) and a live market cap of $5,226,584,928 ($5.2 billion). Ultimately, SHIB occupies the #18 position on the global crypto market cap.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.