#AltcoinAnalyses #Weekend Market Analysis

Shiba Inu (SHIB) Attention Investors: The Rise is Linked to Bitcoin! The Following Levels are Next...
Shiba Inu (SHIB) has been experiencing a volatile trend in recent weeks. Although it is trying to rise with investor support, the current market conditions will determine whether this effort will be successful. In particular, the direction of Bitcoin (BTC) stands out as one of the most important factors shaping SHIB's fate. If Bitcoin exhibits a strong upward movement, it may be possible for Shiba Inu to benefit from this momentum and break significant resistance levels.
Critical Shiba Inu support levels are weakening
Shiba Inu's market indicators show that short-term investors are making significant profits and are therefore inclined to sell. MVRV ( the ratio of the market value to the realized value ) has reached its lowest level in the last six months. This indicator particularly suggests that short-term investors are realizing significant gains and thus selling pressure may increase.
Generally, short-term investors tend to realize their profits when prices rise. This can limit Shiba Inu's upward movement and may cause the price to drop. On the other hand, the support from long-term investors also appears weak. This further makes SHIB's position in the market more fragile.
How does Bitcoin affect the future price of SHIB?
The correlation of Shiba Inu with Bitcoin is currently at the level of 0.77. Therefore, it can be said that the price of SHIB largely follows the movements of BTC. If Bitcoin enters a bullish trend, Shiba Inu will also gain similar momentum. We had mentioned that short-term expectations for an increase in Bitcoin's price are dominant.
Bitcoin breaking above the $90,000 level could create a broader atmosphere of confidence in the crypto market. This situation may also help SHIB to break out of its current sideways movement and rise by breaking resistance points.
Currently, Shiba Inu is trading at a level of 0.00001296 dollars, and the nearest support point stands out at 0.00001275 dollars. If this support cannot be maintained, SHIB could decline to levels of 0.00001141 dollars. However, if Bitcoin starts to rise, it might be possible for SHIB to first test the resistance of 0.00001462 dollars and then reach the level of 0.00001676 dollars.
For Shiba Inu to exhibit a more positive price movement, it first needs to surpass the level of 0.00001462 dollars and turn this into a strong support. If this happens, we may witness the beginning of a stronger upward trend for SHIB.
As a result, the price movements of Shiba Inu are largely dependent on the performance of Bitcoin. If BTC moves towards the $90,000 level, it may allow SHIB to experience an upward breakout. However, if there is a decline in Bitcoin, the downward risks for Shiba Inu will also increase.
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