Shiba Inu Fails to Follow Bitcoin’s Footsteps, Falls 16% in a Day
Shiba Inu(SHIB) experienced a major volatility Recently, its price fell by 16% in just 24 hours.
Despite the continued bullish momentum in Bitcoin (BTC), Shiba Inu failed to break above key resistance levels, which prevented the altcoin from gaining support at $0.00003000. The failure led to a surge in uncertainty about SHIB’s future direction.
Shiba Inu fails to gain support
Shiba Inu The correlation with Bitcoin has dropped significantly over the past week and currently stands at 0.45. This decline is concerning as Bitcoin hovers near the $100,000 mark and is expected to grow further.
Typically, cryptocurrencies like SHIB follow in the footsteps of Bitcoin due to its positive correlation. However, as this disconnect grows, Shiba Inu’s ability to capitalize on Bitcoin’s bullish moves is now being called into question.
The weakening correlation suggests that if Bitcoin continues to surge, Shiba Inu may struggle to gain traction and break through key resistance levels. Investors are now faced with the possibility that SHIB’s failure to follow BTC’s lead could cause the altcoin to stagnate or trend down, limiting potential gains.
Despite recent difficulties, adoption of the Shiba Inu is growing steadily. Its adoption rate currently stands at 46%, a five-month high, indicating strong interest from new investors.
This is especially noteworthy since SHIB just rallied last week, and continued participation from new users may provide the token with some support.
If this trend of increasing adoption continues, it could offset some bearish market signals. The participation of new investors could help the broader market rebound, Shiba Inu A chance for recovery.
SHIB Price Prediction: Breaking Down Barriers
Shiba Inu price It has fallen 16% in the past 24 hours and is currently at $0.00002698. The decline has pushed the altcoin down to the previous support level at $0.00002976. Failure to hold this key support level signals a possible shift in market sentiment, which could lead to further price weakness.
The altcoin is currently expected to consolidate above the support at $0.00002267. This area could serve as a temporary bottom, and investors may choose to take profits during an ongoing pullback. This consolidation phase may result in lower volatility, but may also delay SHIB’s price recovery.
if Shiba Inu Management An attempt to recapture the support at $0.00002976 may trigger a rebound. This would pave the way for a possible retest of the 5-month resistance at $0.00003306. A break above this level would invalidate the current bearish outlook and could signal a return to the uptrend.
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