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The king cryptocurrency lingers around the $37,000 level, retreating again after testing resistance. Although the resistance level was surpassed on Friday, intense profit-taking quickly reversed these gains. So, what are the expectations for Shiba Coin?
The Latest on Cryptocurrencies
BTC has eased with profit-taking but buyers are holding the price above $38,000. This suggests that the latest correction may not lead to deeper lows. With little time left in the year, bulls are likely to aim for new peaks, supported by ongoing demand. We can see the bulls gaining strength, especially as the monthly close approaches.
Volatility is expected to increase as the monthly close approaches in a few days. The primary motivation is the file updates confirming strong communication between the SEC and potential ETF issuers. Continuation of these could increase the likelihood of approval in early next year, potentially supporting the BTC price.
Setting aside short-term uncertainties, Robert Kiyosaki wrote on November 26 that BTC, gold, and silver will eventually “break free from the fake money system” and go their own way in the long term.
Will Shiba Coin Rise?
Shiba Inu (SHIB) is finding buyers at $0.00000805 at the time of writing, with a daily loss of 2.5%. The drop in BTC price has negatively affected it. However, if BTC starts the expected recovery as the monthly close approaches, this could also increase the SHIB price.
The altcoin has seen an increase of nearly 5% in the last month, lagging significantly behind the overall market rally. Short-term daily closes below $0.0000080 could push the price towards the bottom of $0.00000763. For greater losses, bears need to pull the price below $0.0000075, and in this scenario, a new bottom between $0.0000072 and $0.000007 is possible.
Shiba Coin does not have significant news flow that could lead to a positive divergence in the process. Rumors about artificial intelligence did not create the expected excitement. In this case, it is expected that Shiba Coin will follow wherever the BTC price goes.
On the upside, closures above $0.0000086 could lead to new peaks between $0.0000088 and $0.00001.
Bitcoin price is finding buyers at $36,800 at the time of writing. The general market volume is at the $50 billion level, and the lack of demand appears to be in favor of the bears. Moreover, rumors of CZ possibly facing imprisonment are supporting the downside.
- Bulls may target new peaks with ongoing demand.
- Shiba Coin’s trajectory likely mirrors Bitcoin’s.
- Significant news flow absent for Shiba Coin’s divergence.
