#AltcoinAnalyses# #Weekend Market Analysis#

Shiba Inu (SHIB) Investors, attention: Growth depends on Bitcoin! The next levels…
Shiba Inu (SHIB) has been demonstrating unstable movement in recent weeks. While it tries to rise with the support of investors, the current market conditions will determine whether this attempt will be successful. Particularly, the direction of Bitcoin (BTC) is one of the most important factors shaping the fate of SHIB. If Bitcoin shows a strong upward movement, Shiba Inu may also take advantage of this momentum and overcome important resistance levels.
The critical support levels of Shiba Inu are weakening.
The Shiba Inu market indicators suggest that short-term investors have realized significant profits and therefore tend to sell. The MVRV ( ratio of market value to realized value) has reached its lowest level in the last six months. This indicator particularly indicates that short-term investors are making substantial gains, and thus selling pressure may increase.
Typically, short-term investors tend to realize their profits when the price rises. This can limit the upward movement of Shiba Inu and lead to a price drop. On the other hand, support from long-term investors also appears weak. This further makes SHIB's position in the market fragile.
How does Bitcoin affect the future price of SHIB?
The correlation of Shiba Inu with Bitcoin currently stands at 0.77. Therefore, it can be said that the price of SHIB largely follows the movements of BTC. If Bitcoin enters a growth phase, Shiba Inu will also gain similar momentum. We noted that in the short term, expectations for the price of Bitcoin to rise are dominant.
A Bitcoin price exceeding 90,000 dollars could create a broader level of confidence in the crypto market. This could help SHIB break out of its current horizontal trajectory and rise, breaking resistance levels.
Currently, Shiba Inu is trading at $0.00001296, with the nearest support point highlighted at $0.00001275. If this support is not maintained, SHIB could drop to $0.00001141. However, if Bitcoin begins to rise, SHIB may first test the resistance level of $0.00001462, and then reach $0.00001676.
For Shiba Inu to show a more positive price movement, it first needs to overcome the level of $0.00001462 and turn it into strong support. If this happens, we may see the beginning of a stronger upward trend for SHIB.
As a result, the price movements of Shiba Inu largely depend on the performance of Bitcoin. BTC's progress towards the $90,000 level may allow SHIB to rise as well. However, if Bitcoin experiences a decline, the risks of a decrease for Shiba Inu will also increase.
#Shib#