Shiba Inu (SHIB) has faced challenges breaking the $0.00001961 resistance since mid-June, with a recent 11% price drop illustrating its ongoing struggles. Despite Bitcoin's climb toward a new all-time high, SHIB is decoupling from Bitcoin's influence, complicating its near-term outlook.
The correlation between SHIB and Bitcoin has fallen to 0.51, limiting SHIB's capacity to capitalize on BTC's potential gains. This weakening alignment may impact SHIB's price trajectory as Bitcoin reaches historical highs, suggesting SHIB may not mirror the broader market's momentum.
Despite current price challenges, there's a shift among Shiba Inu investors from short-term to long-term holders. Approximately 4% have transitioned into long-term holders, indicating increased commitment and confidence in SHIB's potential, despite volatility.
The transition demonstrates conviction that could stabilize Shiba Inu's price amidst market fluctuations, reducing sell pressure and supporting sustainable growth even if short-term gains are limited.
SHIB's price remains above $0.00001676, but an inability to breach resistance at $0.00001961 and $0.00002093 hinders potential gains. Investor sentiment remains mixed, with the meme coin possibly remaining range-bound in a consolidation phase.
Should SHIB drop below the $0.00001676 support, it may test further supports at $0.00001462 and possibly $0.00001271, indicating a more significant potential decline.
