Shiba

Cryptocurrency

bullish

Shiba Inu

Status

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-drop-affects-cryptocurrency-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Drop Affects Cryptocurrency Market</a><br></p>
<p style="text-align: justify">A recent decline in <a href="https://en.bitcoinhaber.net/microsoft-votes-on-bitcoin-funding-proposal" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price to approximately $90,000 has resulted in a cooling effect across the cryptocurrency landscape. This adjustment is viewed as a typical pullback following a vigorous rally that had initially revived bullish momentum. Many traders continue to maintain a positive outlook regarding market recovery, with several prominent altcoins, such as Shiba Inu (SHIB), positioned for potential rebounds.</p>
<h2 style="text-align: justify" id="what-is-the-current-status-of-shiba-inu">What is the Current Status of Shiba Inu?</h2>
<p style="text-align: justify">As of the latest updates, Shiba Inu has seen a decrease of around 5.7%, trading at about $0.0000263. Data from CoinGecko indicates that SHIB’s market capitalization stands at $15.58 billion, alongside a 24-hour trading volume of $2.53 billion.</p>
<h2 style="text-align: justify" id="what-does-mvrv-analysis-say-about-shib">What Does MVRV Analysis Say About SHIB?</h2>
<p style="text-align: justify">The 30-day MVRV ratio for Shiba Inu has climbed to 25%, according to Santiment data. This suggests that short-term traders are beginning to take profits, signaling that a profit-taking phase might be approaching. Despite today’s optimistic market conditions, SHIB saw a decline of 6% to $0.0000261, indicating the possible formation of the right shoulder in an inverse head and shoulders pattern.</p>
<p style="text-align: justify">If a market correction occurs, SHIB could potentially fall another 20%, retesting the support level at $0.00002074. This support aligns with the 20-day EMA, marking a significant point for potential buyers. Key takeaways include:</p>
<ul>
 <li>SHIB’s recent surge indicates strong demand but may face resistance.</li>
 <li>The MVRV ratio points to imminent profit-taking by short-term traders.</li>
 <li>Potential support levels are critical for future price movements.</li>
</ul>
<p style="text-align: justify">Looking ahead to November, there is optimism for a rebound in the market. If conditions remain favorable, SHIB’s price could exceed the $0.00003 resistance level, possibly climbing to $0.000035 and even reaching $0.000038 by month’s end. Traders are advised to keep a close watch on support and resistance dynamics, while also leveraging market data and technical indicators to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-drop-affects-cryptocurrency-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Drop Affects Cryptocurrency Market</a></h5>

Bitcoin Price Drop Affects Cryptocurrency Market

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