Shiba Inu (SHIB) Price Outlook Hinges on Bitcoin Over Whales
08/20/2024 20:45
Shiba Inu's price is expected to move sideways over the next couple of weeks., largely due to whales exiting the meme coin.
Shiba Inu (SHIB) price under a downtrend could be looking at an escape from the downtrend but not in the traditional sense.
The mixed signals from the meme coin could affect how the price moves.
Shiba Inu Could See Some Growth
Shiba Inu’s price may not follow the path of its large wallet holders since their presence has been declining. At the beginning of the month, the total number of large addresses holding between $100,000 and $10 million noted a 27% drop.
The continued drawdown observed in Shiba Inu’s price is one of the biggest reasons why whale investors could have tapped out. As a result, their influence at the moment is slightly weaker than it is generally.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
However, Bitcoin’s influence on the meme coin is rather strong at the moment. The correlation that SHIB shares with BTC is presently at 0.86 after recovering from negative at the beginning of August.
A strong correlation suggests that Shiba Inu will most likely follow the path established by Bitcoin. Since the latter is observing a gradual recovery, the meme coin also has a shot at noting an uptick.
SHIB Price Prediction: No Rise for the Meme Coin
Despite the bullishness of the correlation coefficient metric, Shiba Inu’s price may not rise. The reason behind this is the mixed signals from the aforementioned indicators. Thus, SHIB could remain consolidated under the resistance of $0.00001473.
If the sideways movement continues, the meme coin has a chance to breach the downtrend line. This could reinvigorate some of the missed confidence among SHIB holders, which would be the key to noting a recovery.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
But if the resistance is breached, Shiba Inu’s price could note an uptick that could send the meme coin to $$0.00001500 and beyond. This woul invalidate the bearish thesis,and allow SHIB to bounce back to $00002000.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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