Bitcoin Saves Shiba Inu From a Market Rout as SHIB Price Action Mirrors BTC

Shiba Inu (SHIB) price has been consolidating in a tight range since early August, fluctuating between $0.00001462 and $0.00001304. Despite a generally bearish market sentiment, SHIB has managed to stay above its support level, largely avoiding a major price drop.

Shiba Inu (SHIB) has been fluctuating within a narrow price range since early August, largely avoiding a major price drop despite the bearish market sentiment.

The meme coin has managed to stay above its support level thanks to its strong correlation with Bitcoin, which is currently helping SHIB avoid a significant decline.

However, SHIB investors should be aware that the coin's overall macro momentum is showing signs of bearishness, with the weighted sentiment of SHIB holders turning negative over the last week due to the coin’s lack of price growth.

This bearish sentiment among SHIB holders could potentially lead to increased bearish pressure on the coin's price.

However, for now, this bearish sentiment may not translate into a sharp price drop.

At the time of writing, Shiba Inu is trading at $0.00001317, just above the critical support floor of $0.00001304.

Given the ongoing sideways momentum, it is likely that SHIB will continue trading within this range in the short term.

If the correlation with Bitcoin remains strong and investor sentiment turns positive, SHIB could bounce off its support level and attempt to break past $0.00001462.

This resistance has been tested before, most recently in late August, when SHIB dropped by 12% in just three days after a failed breakout attempt.

Still, a successful move past this level could signal recovery.

However, should the correlation between SHIB and Bitcoin weaken, the meme coin could face a significant decline.

A drop below $0.00001304 could trigger a 13% fall, sending SHIB to $0.00001141, marking its lowest price in six months and invalidating any bullish momentum

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