How Bitcoin impacted Shiba Inu’s price, and what you can do about it

by
  • Shiba Inu has a bearish short-term market structure.
  • The lack of demand at a key support zone was concerning.

In recent analysis of Shiba Inu (SHIB), a bullish move was predicted, but the momentum has since slowed. The support zone at $0.0000235 showed promise for buyers, but bears had the upper hand due to declining demand and bearish RSI and On Balance Volume (OBV) readings. This uncertainty could be influenced by Bitcoin’s price trend in the coming week, with a potential bullish target at $0.00003.

An analysis by AMBCrypto on Shiba Inu (SHIB) predicted a potential 18% price increase. However, the bullish trend has since lost steam. Nevertheless, a crucial support level might prevent further declines.

At the moment of reporting, Bitcoin‘s price stood at $63,700. There is a possibility it may drop down to $59,400, a level associated with significant liquidity. Such a decline could negatively impact the values of meme coins in the near future.

The support zone saw SHIB momentum falter

How Bitcoin impacted Shiba Inu’s price, and what you can do about it

In the last fortnight, a positive indication for Shiba Inu investors came when the price level around $0.0000235 (represented by cyan) shifted from resistance to support. Nevertheless, the Relative Strength Index (RSI), standing at 45, hinted that the bears had a slight edge with their downward momentum.

As a researcher observing the market trends, I noticed that the On Balance Volume (OBV) indicator failed to surpass the two significant resistance levels in the previous two-week period. This observation implies a delicate equilibrium between buying and selling forces, with neither side managing to gain a clear upper hand.

The trend of Bitcoin (BTC) may significantly influence Shiba Inu (SHIB) in the upcoming week. A potential bullish signal lies at the $0.00003 level for SHIB as it moves northward.

Weakened social sentiment highlighted the bullish struggle

How Bitcoin impacted Shiba Inu’s price, and what you can do about it

The sentiment toward Shiba Inu, as indicated by its weighted score, leaned slightly favorable. However, other relevant indicators and the coin’s price have been trending downwards.

As a researcher studying social trends related to SHIB, I’ve observed a notable decrease in social dominance over the past six months. This is indicated by reduced engagement on social media platforms surrounding SHIB.

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

As a crypto investor, I’ve noticed that open interest in the meme token has decreased over the last three days. The bullish momentum in its lower timeframes that had fueled its price rise seems to have waned.

These metrics likely swing upward if the prices do, which could be dictated by Bitcoin’s trends.

Read More

2024-04-29 00:45