The price of Shiba Inu (SHIB) has been struggling to break past the resistance level of $0.00001961 since mid-June, and recent attempts have also failed. As Bitcoin becomes closer to reaching a new all-time high, SHIB's decoupling from Bitcoin's influence is becoming more apparent. This divergence poses challenges for SHIB's near-term price outlook and may limit its ability to benefit from Bitcoin's potential gains. However, despite these challenges, there are positive signs in SHIB's investor base, with a shift from short-term holders to long-term holders. This indicates growing confidence in SHIB's potential and could stabilize its price in the face of market volatility. Currently, SHIB's price remains above the support level of $0.00001676, but its inability to breach resistance levels has limited potential gains. The mixed cues from these factors suggest that SHIB may remain in a consolidation phase below $0.00001961, potentially stabilizing before attempting further upward movement. If SHIB drops below the support level, it could test lower support levels and experience a more significant pullback.
- Content Editor ( beincrypto.com )
- 2024-10-28
Shiba Inu’s Correlation With Bitcoin Breaks Down, and Price Drops 11%