MEME Supported: Can Bitcoin Lead Dogecoin (SHIB) Back to the Top?
Shiba Inu (SHIB) price is expected to rise in the next few days as the meme coin is widely supported.
SHIB price is likely to gradually strengthen in line with the trend of Bitcoin (BTC), which is one of the key factors driving its recovery.
As the meme coin rebounds from the low of $0.00001473, the price of Shiba Inu is expected to re-touch the highs of May this year. While volatility in meme coins is not uncommon in the cryptocurrency market, this recovery has been slow.
One of the key factors is Shiba Inu’s low correlation with Bitcoin. Bitcoin is currently showing strong signs of recovery, but Shiba Inu may not be able to fully benefit as its correlation with Bitcoin is -0.44, which is an improvement from -0.96 a month ago.
Therefore, when Shiba Inu’s correlation with Bitcoin turns positive, it can be expected that the meme coin will grow.
In the case of the coin, the likelihood of selling increases when holders participate in the network more than 25% as they tend to lock in profits. However, in the case of Shibacoin, the ratio is below 13.5%, indicating that investors are not in a hurry to sell.
Shibacoin is currently priced at $0.00001719, with a slight upside from the low of $0.00001473. The next resistance is expected to be at $0.00001800, which is being crossed, which could push its price up to $0.00002903.
