Shiba Inu ($SHIB), the meme coin that has made headlines for its bullish momentum as well as resilience against Bitcoin ($BTC), seems to be succumbing to the recent bullish surge in Bitcoin price. $SHIB price broke past two immediate support and currently trading just above $0.000025 with a 4% decline over the past 24-hours.
On the 4-hour SHIB/USD chart MACD line has crossed below the trend line, indicating a bearish outcome or selling pressure being high in the market. On the other hand, the RSI indicator was also dipping into the sell zone as bearish momentum becomes prevalent in the short term.
$SHIB managed to surge over 330% last week to reach a new 5-month high and only a bullish rally away from an all-time-high (ATH). The altcoin which was on the verge of breaking into top-10 crypto by market cap faced rejection at $0.000035 which triggered a massive sell-off. Whales dumped over 31 billion $SHIB as price retraced to $0.000021 levels. However, $SHIB managed to recover within a day and tested $0.000030 again.
$SHIB managed to become the only altcoin to trade in green against Bitcoin in the first couple of weeks in October even when $BTC made more than 20% gains during the same time frame. The social media momentum that $SHIB has got this month has also helped its bullish momentum and many believe the crowd sentiment can pull back altcoin to the bullish path again.
Bitcoin started the month under $50K with eyes set on the key resistance of $55K. After breaking past $55K, analysts predicted $60K won’t be long and the top cryptocurrency proved them right as it broke past the $60K barrier with flying colors over the weekend. $BTC is currently trading at a new 5-month high of $62,197 as its weekly gains extended to over 13%.
Every on-chain metric is signaling bullish signs as $BTC is just under 5% from the ATH of $64,683. $SHIB is currently 7% down against $BTC and looking at the top cryptocurrency’s current bullish surge it would take some catching up for the meme coin.
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