Shiba Inu Falls In Tandem With Dogecoin As Crypto Sector Pulls Back: The Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Shiba Inu (CRYPTO: SHIB) experienced volatility, briefly trading flat before falling over 4% after a hoax regarding the iShares XRP Trust registration. It traded in tandem with Dogecoin (CRYPTO: DOGE), which also fell over 4%. Despite the pullback, Shiba Inu maintains its uptrend, indicated by higher highs and higher lows on the chart. The crypto recently crossed above the 200-day SMA, suggesting a long-term uptrend. Resistance and support levels were identified for Shiba Inu.
November 14, 2023 | 9:13 pm
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NEUTRAL IMPACT
Dogecoin (DOGE) experienced a similar over 4% drop, trading in tandem with Shiba Inu and the broader crypto market pullback.
Dogecoin's price movement is closely related to Shiba Inu's performance and the overall crypto market sentiment. The impact is neutral short term as the drop is in line with market trends and not solely based on the hoax news.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Shiba Inu (SHIB) fell over 4% following a hoax about the iShares XRP Trust registration, but it still shows signs of an uptrend, with recent price movements above the 200-day SMA.
While the hoax news negatively impacted SHIB in the short term, the technical analysis suggests that the asset is still in an uptrend, which may mitigate the impact of the news. The importance is high due to the direct mention and relevance to SHIB's price action.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100