Shiba Inu and Dogecoin lead seven-day gains as bitcoin stabilizes

Shiba Inu (SHIB) and dogecoin (DOGE) led gains over the past seven days as bitcoin and other major cryptocurrencies broke through resistance levels and stabilized over the weekend.

Crypto and equity markets have rallied over the past week after Federal Reserve Chairman Jerome Powell showed a more dovish stance on rate hikes.

SHIB rose to a high of $0.000011 on Sunday from $0.000008, last week's low, while DOGE surged over $0.07 from last week's low of $0.05.

Such price action caused futures tracking the two tokens to rack up millions of dollars in settlement losses, data from Coinglass shows.

This move also stems in part from the SHIB token burn which has reached a total milestone of 400 billion.

Bitcoin dipped below $21,000 in European trading hours on Tuesday, leading to a 1.4% drop in the crypto market cap over the past 24 hours.