How Bitcoin impacted Shiba Inu’s price, and what you can do about it
  • Shiba Inu has a bearish market structure in the short term.
  • Lack of demand in key support zones was a concern.

Recent Shiba Inu AMBCrypto analysis [SHIB] predicted an increase of 18%. The bullish momentum has slowed since then, but a support zone could deter sellers.

Bitcoin [BTC] At the time of writing, it is trading at $637,000 and could fall back to $59,400 liquidity. This could have a negative impact on meme coin prices in the short term.

SHIB’s momentum has weakened in the support zone

Shiba Inu 6 hour price Carlt

Source: SHIB/USDT on TradingView

An encouraging sign for the Shiba Inu bull over the past two weeks was the $0.0000235 area (cyan) turning into support. However, the RSI was at 45, indicating that bearish momentum was slightly in favor.

Similarly, OBV also failed to break through the two major levels of the past two weeks. It suggested that buying and selling pressures were balanced, with no clear advantage on either side.

Therefore, BTC trends could be the determining factor for SHIB next week. To the north, the $0.00003 level is a short-term bullish target.

Weakening social sentiment highlights a strong fight

Shiba Inu Santimento

sauce: Santimento

Shiba Inu weighted sentiment was slightly positive. However, other indicators have also fallen along with prices.

Social dominance has been on the decline over the past six months, reflecting a decline in social media engagement, especially with SHIB.

read a book about shiba inu [SHIB] Price prediction for 2024-2025

Open interest has also declined over the past three days as the meme token lost its bullish momentum on the lower time frame.

If the price goes up, these indicators can go up and can be influenced by Bitcoin trends.

Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.

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