Shiba

bullish

Bitcoin

Shiba Inu

mirror

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-encounters-market-obstacles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Encounters Market Obstacles</a><br></p>
<p style="text-align: justify">As the cryptocurrency market sees an upward trend, Shiba Inu (SHIB) is attempting to break free from its bearish phase. However, mixed signals from on-chain data in the <a href="https://en.bitcoinhaber.net/memecoin-projects-struggle-on-solana" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> sector may influence its price movements. This article delves into the current dynamics affecting SHIB and what market participants can expect <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<h2 id="why-are-large-holders-reducing-assets">Why Are Large Holders Reducing Assets?</h2>
<p style="text-align: justify">Shiba Inu’s price trajectory is diverging from that of major wallet holders, who have significantly reduced their holdings. At the start of the month, there was a 27% drop in large addresses holding between $100,000 and $10 million worth of SHIB. The ongoing price decline has led whale investors to divest their assets.</p>
<p style="text-align: justify">The expected surge in the Ethereum ecosystem did not materialize after the launch of Ethereum ETF funds. This has contributed to significant selling pressure on SHIB, weakening its <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market performance</a>.</p>
<h2 id="how-does-bitcoin-influence-shiba-inu">How Does Bitcoin Influence Shiba Inu?</h2>
<p style="text-align: justify">Bitcoin’s influence on Shiba Inu is currently substantial. SHIB’s correlation with Bitcoin, which turned positive from negative in early August, now stands at 0.86. Such a strong correlation suggests that SHIB is likely to mirror Bitcoin’s movements. As Bitcoin experiences a gradual recovery, there is potential for SHIB to follow suit.</p>
<p style="text-align: justify">Despite this, the memecoin’s price may not rise immediately due to conflicting signals from various indicators, potentially keeping SHIB below the $0.00001473 resistance level.</p>
<h2 id="actionable-insights-for-investors">Actionable Insights for Investors</h2>
<p style="text-align: justify"><strong>Key Considerations:</strong></p>
<ul>
 <li>Monitor Bitcoin’s performance closely as SHIB’s price is highly correlated.</li>
 <li>Watch for changes in large wallet holdings as an early indicator of market sentiment.</li>
 <li>Pay attention to Ethereum ecosystem developments for indirect impacts on SHIB.</li>
 <li>Stay alert for any break above the $0.00001473 resistance, which could signal a bullish trend.</li>
</ul>
<p style="text-align: justify">If the current sideways movement persists, SHIB may still have a chance to break the downtrend line, potentially restoring some investor confidence. A breach of the resistance could push SHIB to higher levels, invalidating the bearish outlook and potentially taking it to the $0.00002000 range.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-encounters-market-obstacles" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Encounters Market Obstacles</a></h5>

Shiba Inu Encounters Market Obstacles

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