#AltcoinAnalyses #Weekend Market Analysis

Shiba Inu (SHIB) Investors pay attention: the rise depends on Bitcoin! The next levels are...
Shiba Inu (SHIB) has been experiencing fluctuations in recent weeks. Despite its attempts to achieve a rise supported by investors, current market conditions will determine whether these efforts succeed or not. Especially the trend of Bitcoin (BTC) is considered one of the most important factors shaping the fate of Shiba Inu. If Bitcoin shows strong upward movement, it is possible that Shiba Inu will benefit from this momentum and break through significant resistance levels.
Critical support levels for Shiba Inu are weakening.
Shiba Inu market indicators suggest that short-term investors have made significant profits and are inclined to sell as a result. The MVRV ratio ( to the actual market value ) has reached its lowest level in the past six months. This indicator particularly suggests that short-term investors have realized substantial gains and that selling pressure may increase as a result.
Short-term investors tend to take their profits when the price rises. This could limit the upward movement of Shiba Inu and may lead to a price decline. On the other hand, long-term investor support also appears to be weak, making SHIB's position in the market more fragile.
How does the price of Bitcoin affect the future price of SHIB?
The relationship between Shiba Inu and Bitcoin currently stands at 0.77. Therefore, it can be said that the price of SHIB largely follows the movements of BTC. If Bitcoin enters an upward trend, Shiba Inu will also gain similar momentum. We noted that short-term price increase forecasts dominate the price of Bitcoin.
A Bitcoin breakthrough above $90,000 could create a broader trust environment in the cryptocurrency market. This situation could also help SHIB break out of the current sideways trend and surpass resistance points for a rise.
Currently, Shiba Inu is trading at a level of $0.00001296, with the nearest support point highlighted at $0.00001275. If this support is not maintained, SHIB could retreat to levels of $0.00001141. However, if Bitcoin rises, it may be possible for SHIB to first test resistance at $0.00001462, and then reach a level of $0.00001676.
Shiba Inu must first surpass the level of $0.00001462 to show a more positive price movement and turn this level into strong support. If that happens, we may witness the beginning of a stronger upward trend for SHIB.
As a result, the price movements of Shiba Inu are heavily dependent on the performance of Bitcoin. A surge of BTC towards the $90,000 level could lead to a potential bullish breakout for SHIB. However, if a decline occurs in Bitcoin, the downside risks for Shiba Inu will increase.
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