#AltcoinAnalyses #Weekend Market Analysis

Shiba Inu (SHIB) Investors note: The rise depends on Bitcoin! Next are these levels…
Shiba Inu (SHIB) has experienced volatile movements in recent weeks. Despite attempts to rise with the support of investors, current market conditions will determine whether this effort will be successful. In particular, the movement of Bitcoin (BTC) has become one of the most important factors influencing the fate of SHIB. If Bitcoin shows a strong upward trend, Shiba Inu may also break through significant resistance levels due to this momentum.
The key Shiba Inu support level is weakening.
The market indicators for Shiba Inu show that short-term investors have made substantial profits, leading them to lean towards selling. The MVRV (, which is the ratio of market value to actual value ), has reached its lowest level in the past six months. This indicator particularly suggests that short-term investors have realized significant gains, which may result in increased selling pressure.
Typically, short-term investors tend to realize profits when prices rise. This may limit the upward trend of Shiba Inu and lead to a price decline. On the other hand, the support from long-term investors also seems weak. This makes SHIB's position in the market even more fragile.
How will Bitcoin affect the future price of SHIB?
The correlation between Shiba Inu and Bitcoin is currently 0.77. Therefore, it can be said that the price of SHIB largely follows the movement of BTC. If Bitcoin enters an upward trend, Shiba Inu will also capture similar momentum. We mentioned that the bullish expectations for Bitcoin's price in the short term are dominant.
Bitcoin breaking the $90,000 level could create a broader trust environment in the crypto market. This situation may help SHIB break out of its current sideways movement, surpass resistance points, and start to rise.
Currently, the trading price of Shiba Inu is $0.00001296, with the recent support level at $0.00001275. If this support level cannot be maintained, SHIB may fall back to $0.00001141. However, if Bitcoin starts to rise, SHIB may first test the resistance level of $0.00001462, and then reach the level of $0.00001676.
The Shiba Inu needs to show a more positive price trend, first by breaking through the level of $0.00001462 and establishing it as a strong support level. If this is achieved, we may see the beginning of a stronger upward trend for SHIB.
Overall, the price trend of Shiba Inu largely depends on the performance of Bitcoin. If BTC moves towards the level of $90,000, SHIB may also experience an upward breakout. However, if Bitcoin declines, the downside risk for Shiba Inu will also increase.
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