#AltcoinAnalyses #Weekend Market Analysis

Shiba Inu (SHIB) Investor Note: The increase depends on Bitcoin! Next are these levels...
The Shiba Inu (SHIB) has experienced a volatile trend in recent weeks. Despite attempts to rise with the support of investors, the current market conditions will determine whether this effort will be successful. In particular, the trend 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 important resistance levels on this momentum.
The key Shiba Inu support level is weakening.
The market indicators for Shiba Inu show that short-term investors have made considerable profits and are therefore inclined to sell. MVRV (, the ratio of market value to realized value ), has reached its lowest level in the past six months. This indicator particularly suggests that short-term investors have gained significant returns, which may lead to increased selling pressure.
Short-term investors typically tend to realize profits when prices rise. This may limit the upward trend of Shiba Inu and lead to a price drop. On the other hand, the support from long-term investors also seems weak. This makes SHIB's position in the market even more vulnerable.
How does 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 previously mentioned that the expectation for Bitcoin's price to rise in the short term is dominant.
The breakthrough of Bitcoin beyond the $90,000 level may create a broader trust environment in the cryptocurrency market. This situation could help SHIB break free from its current sideways trend, 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 at $0.00001462, and then reach the level of $0.00001676.
For Shiba Inu to show a more positive price trend, it first needs to break through the level of $0.00001462 and establish 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 approaches 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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