Shiba Inu Struggles in Downtrend, Hopes Pinned on Bitcoin

Shiba Inu has been facing a persistent downturn, unable to break through key resistance levels despite several recovery attempts. Investor sentiment remains lukewarm as the meme coin continues to grapple with losses.

The reliance on Bitcoin has become crucial for SHIB's potential rebound, as investor support remains limited. The uncertain market conditions have left Shiba Inu investors in need of a lifeline.

Recent data shows that losses in transactions have outweighed profits for Shiba Inu in the last month and a half, indicating a prevailing bearish sentiment. This imbalance has led to a decrease in market confidence, prompting many investors to step back from network activities and reducing trading volumes.

The strong correlation with Bitcoin, indicated by a 0.94 correlation coefficient, suggests that SHIB could mirror Bitcoin's price movements. If Bitcoin shows strength and breaks the $100,000 barrier, it could pave the way for growth across the crypto market, benefiting Shiba Inu as well.

The current price of Shiba Inu at $0.00001591 has been struggling to breach the $0.00001676 resistance level, reflecting the ongoing downtrend. Without a shift in sentiment, SHIB may continue to consolidate below this resistance, but holding above the $0.00001462 support level could offer some stability.

A potential recovery for Shiba Inu hinges on Bitcoin's performance, with a successful rally in Bitcoin potentially lifting SHIB above the $0.00001676 resistance towards $0.00002000, marking a new bullish phase for the meme coin.