Shiba Inu's [SHIB] red-hot start to March, ensured that the token's correlation with Bitcoin [BTC] was a strong one. But ever since
was a strong one. But ever since SHIB lost its lucky strike, the token and BTC have been moving in opposite directions.with Bitcoin has not been closely knit. About a month and some weeks back, the 30-day correlation was almost 0.94. However, AMBCrypto observed that the metric had dropped to 0.89 at press time.
Correlation ranges from -1 to 1. Values from -1 to 0 imply that the prices of cryptocurrencies involved are skewed negatively. On the other hand, reading close to 1 suggests that the assets involved move in a similar direction.In the last 30 days, Bitcoin’s price has increased while SHIB registered a 5.72% decrease. However, the performance of the memecoin could be in its favor.
At press time, the 50 EMA had crossed over the 200 EMA and the token’s price was a lot higher than both EMAs. With this position, the price of the token might not fall below $0.000010 this cycle.of the bull market. This means that the price still has the potential to surge higher than a 200% increase.
In the short term, SHIB’s price might revisit $0.000030 according to indications from the Money Flow Index . As of this writing, the MFI was close to 60.00, indicating that a great amount of capital was flowing into the token.Should this continue, SHIB might outperform BTC in the weeks to come. Despite the potential to outpace BTC in the short term, SHIB might never get close to the number of holders with Bitcoin in their portfolio.
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