- Summary:
- SHIB Outlook: Shiba Inu coin price is really struggling to break out of the downward trendline. A pullback in BTC is driving the bearish price action.
Once again Shiba Inu coin price has failed to confirm the breakout from the downtrend due to a correction in the Bitcoin price. On Wednesday, BTC bulls failed to clear the supply above $38,400. Consequently, the cryptocurrency got another rejection and stood at $37,777 at press time.
Today’s weakness in BTC has led to a 1.43% drop in Total 3 which tracks the market capitalization of altcoins except Ethereum. This resulted in a 1.08% drop in the SHIB price, which was on its way to attempting another breakout.
As a result, the leading dogcoin stood at $0.00000822 at the time of writing which was still above its Monday lows of $0.00000804. This has put a possibility of another retest of the November lows on the cards.
Cryptocurrencies are at a very critical point in their cycle as many analysts are calling the recent surge just the start of another major bull run. However, many skeptics still consider the rally to be driven by the spot Bitcoin hype. The next few months would decide which side is correct.
The SHIB/USD weekly chart shows the bulls’ ability to break out of the descending triangle pattern. The moment the price breaks out of this wedge, Shiba Inu coin price prediction might not need any support from Bitcoin. However, the broader market outlook might still matter.