- Chart analyst SHIB Knight highlighted Shiba Inu’s price breakout moment.
- Shiba Inu (SHIB) demonstrates medium price correlation with Bitcoin (BTC).
- To reclaim $0.00001, SHIB has to battle selling pressure around the area.
Shiba Inu (SHIB) appears to be breaking out of the bearish trendline. In a four-hour chart shared by SHIB Army member SHIB Knight, the chart analyst singled out the $0.00000920 price range as a make-or-break moment for Shiba Inu’s price.
While the quick technical analysis was posted yesterday, Shiba Inu’s price movement certainly witnessed the largest spike of the week, going from $0.00000907 to $0.00000929 in an hour on Thursday morning. Since then, the resistance barrier has been a hefty support cluster, assisted by average price correlation with the leading digital asset, Bitcoin (BTC).
Shiba Inu Rides On Bitcoin’s Bullish Wave
As Bitcoin’s price tacks on the best performance since the inauguration of the Bitcoin exchange-traded funds (ETFs), the Shiba Inu community recognizes the importance of BTC’s price movement for SHIB, as the canine coin has a historically positive price correlation with the king crypto.
Sponsored
To illustrate, Bitcoin inked 4% gains in the last 24 hours, breaking a new yearly record by surpassing the $47,000 mark. Unprecedented since March 29, 2022, the breakthrough in BTC’s price came after Grayscale’s ETF outflows dramatically slowed down, restoring positive sentiment and optimism in the broader crypto markets.
According to the blockchain analytics platform IntoTheBlock, the current SHIB vs. BTC price correlation sits at 0.56, which could strengthen Shiba Inu’s positions on the weekly close. While SHIB managed to pick up 2.3% gains in the last 24 hours, SHIB custodians on Twitter expect to see a zero erased from SHIB’s price.
Unseen since January 12, 2024, the break above the $0.00001 price could come if Shiba Inu bulls outweigh the bears in a historically ambiguous price range. According to IntoTheBlock, this crucial metric is favorable weekly, as crypto bulls outnumbered the bears 127 to 111 in the last seven days.
On The Flipside
- Shiba Inu (SHIB) faces a key hurdle between the current price range and $0.00001, as short-term holders could choose to sell their SHIB tokens to take profits or break even.
Why This Matters
Large market-cap altcoins tend to follow the movements of Bitcoin, therefore mid to high price correlation often triggers a price trend reversal.
Read DailyCoin’s top crypto news:
Treasury Chief Yellen Bids to Combat Crypto Terror Financing
Cardano (ADA) Trumps Top 10 Crypto Picks, Pumps 10%
