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Shiba Inu has shown a striking correlation with copper’s trend against gold, suggesting it could be on the cusp of a recovery.
Though unrelated, the Shiba Inu and copper/gold charts seem to be mirroring each other. However, how this correlation will affect the price trajectory of the second-largest meme coin by market cap remains a topic of interest.
Key Points
- Though unrelated, the Shiba Inu and copper/gold charts are closely mirroring each other.
- The ongoing prolonged price downturn has pushed Shiba Inu to a long-standing horizontal base at $0.00000517.
- $SHIB trades within a range, with $0.00000517 serving as the lower demand zone and the area around $0.0000885 as the upper resistance zone.
- Copper has been in steady decline against gold since 2011, forming lower highs and lower lows on a descending trendline.
- Although this looks somewhat different from Shiba Inu’s trend, data shows a correlation in the timing of peaks and bottoms.
- Both are also at a historical trendline support, and Shiba Inu could follow suit if the copper/gold pair rebounds.
Shiba Inu In a Price Range
In response to demand, analyst Cantonese Cat shared a chart showing how $SHIB has behaved compared to the copper/gold pair, and the result was notable. Interestingly, both had different base patterns but showed similar price consolidation.
For context, $SHIB has been in a clear downtrend on the monthly timeframe. If current momentum sustains, it would be heading for its 8th consecutive decline on the 1-month chart, with its last green candle coming in July 2025.
Meanwhile, the prolonged downturn has pushed Shiba Inu to a long-standing horizontal base at $0.00000517. Notably, this area marked bottoms in previous cycles, with the token building momentum around there before the next price expansion. This happened in mid-2021 and 2023, each leading to a decisive uptrend.
However, Cantonese Cat’s chart paints a slightly different picture. It shows that $SHIB trades within a range, with support at $0.00000517 serving as the lower demand zone and the area around the 2021 all-time high of $0.0000885 as the upper resistance zone.
Correlation With Copper Against Gold
According to the chart, the copper/gold pair is in a different price trend. Copper has been in steady decline against gold since 2011, forming lower highs and lower lows on a descending trendline.
Although this looks somewhat different from Shiba Inu’s trend, the analysis highlighted a correlation in the timing of peaks and bottoms. For context, the last $SHIB top was in October 2021, when it reached its current ATH. Interestingly, copper made another lower high against gold around the same time.
Now, Shiba Inu has visited its current local support, and the timing of another lower low formation on the copper/gold chart has aligned with this again. With both showing support around the lower support trendlines, a rebound could ensue.
Shiba Inu Target
Notably, the copper/gold pair has always jumped from the current trendline to higher prices. This trend has recurred since 2011, and analysts are optimistic that this time will be no different.
Owing to its correlation with Shiba Inu, the meme coin could rebound with it. The analysis suggested this, setting a target for this recovery. Specifically, the chart shows $SHIB has been in a range since 2021, and a rebound would target the range’s upper resistance around $0.0000884. From the current market price, this would result in a 1,470% growth.
Nonetheless, there is no guarantee that either $SHIB or copper/gold would bounce from the trendline. Even if the copper/gold chart bounces, there is no assurance that the cryptocurrency will follow suit.
