CandleFocus Bitcoin’s Correlation Keeps Shiba Inu Afloat Amid Volatile Market
2024-09-06
Author: Content Editor
Shiba Inu (SHIB) has been consolidating within a narrow range but has managed to stay above its support level despite a bearish market sentiment. Its stability is attributed to its strong correlation with Bitcoin, with a positive correlation coefficient of 0.94. Although recent market fluctuations have raised concerns among SHIB investors, as long as Bitcoin remains stable or bullish, a substantial drop is unlikely. However, Shiba Inu's macro momentum shows signs of bearishness, with negative sentiment among holders. Currently trading just above its critical support, SHIB is expected to continue trading sideways in the short term. If the correlation with Bitcoin remains strong and sentiment improves, SHIB could attempt to break past its resistance level. On the other hand, a weak correlation could lead to a significant decline in SHIB's price.
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