In the past week, Shiba Inu (SHIB) has seen a significant decline of 11.65%, with the downtrend persisting as the cryptocurrency has dropped an additional 2.11% in the last 24 hours. This ongoing decrease signals a troubling lack of market interest, making it imperative for investors and traders to closely monitor SHIB’s price movements as it approaches critical resistance levels.
Currently, Shiba Inu struggles against a crucial resistance zone at 0.00001740. Historical patterns suggest that this area may trigger selling pressure, further pushing prices downward. If SHIB fails to overcome this resistance, a retreat back to the support level of 0.00001602 or even lower seems plausible.
Conversely, if the cryptocurrency manages to break through the 0.00001740 barrier, it could set its sights on more ambitious targets: a short-term goal of 0.00002169 and a long-term aim of 0.00002945. However, the question remains whether market momentum will align with these potential outcomes.
Recent data from IntoTheBlock, as analyzed by AMBCrypto, reveals a concerning trend for SHIB. The volume of large transactions has plummeted by 62.57%, now sitting at approximately $27.99 million. This sharp decline suggests that major investors are hesitant to buy SHIB at its current price levels, indicating a broader lack of confidence among this group.
The overall market sentiment for Shiba Inu remains predominantly bearish. Many long traders have faced liquidations due to their expectations of a price increase that has not materialized. Current open interest indicators reveal a strong inclination toward short selling, exerting additional downward pressure on SHIB’s price.
Recent market activity shows that over $432,970 worth of long positions have been wiped out. This substantial liquidation illustrates a growing disenchantment with SHIB's potential for recovery, leading to significant losses for those who were betting on an upward trend.
As Shiba Inu navigates through these turbulent market conditions, it is crucial for traders and investors to stay informed about the evolving landscape. The absence of buying interest from large investors, combined with a bearish sentiment prevailing among traders, raises concerns about SHIB’s ability to stage a comeback.
The next few days could be pivotal for SHIB, and its performance in overcoming resistance levels will determine whether it can shift towards a bullish trend or if the bearish outlook will continue to dominate. Keeping a close eye on on-chain metrics and market sentiment will be essential for anyone looking to engage with SHIB in the current climate.
October 2024, Cryptoniteuae