#AltcoinAnalyses Shiba Inu (SHIB) Price Is Highly Dependent on Bitcoin
Shiba Inu has been sending mixed signals in recent weeks. The meme coin is trying to make a breakout, but its efforts are largely dependent on investor support.
Unfortunately, this support has been weak recently, and SHIB has been forced to rely on the broader market, particularly Bitcoin, for direction. If Bitcoin continues its rally, Shiba Inu may have a chance to stage a recovery rally.
Shiba Inu Needs Support
Shiba Inu’s MVRV Long/Short Spread is currently at a 6-month low, a key indicator that short-term holders are m