- SHIB faces a significant challenge as a key resistance level could dictate its next moves.
Insights from on-chain metrics indicate a deceivingly bearish sentiment among traders, putting SHIB at risk of further losses.
As a seasoned crypto investor with battle-scarred fingers from countless market swings, I must admit that Shiba Inu [SHIB] has me concerned at the moment. The persistent downtrend and looming resistance level make for a precarious situation.
For the last seven days, the value of Shiba Inu [SHIB] has decreased by 11.65%. Moreover, within the last day, there’s been a 2.11% drop, indicating reduced investor enthusiasm that could potentially keep its price from rising further.
Should Shiba Inu fail to surmount this obstacle, the downward trend might persist. It’s crucial for investors and traders to keep a close eye on these events unfolding, as Shiba Inu nears this significant juncture.
Obstacles to Shiba Inu’s rally
Following the latest stock market drop, Shiba Inu managed to find some stability around the 0.00001602 mark and initially hinted at a revival. Yet, its progress has been hindered by a substantial obstacle in the form of a resistance area at 0.00001740.
In most cases, areas of resistance tend to cause a surge in selling activity, leading prices to decrease. The current query revolves around whether the market’s momentum will follow the typical trends associated with these resistance zones. If it does, then Shiba Inu (SHIB) may plummet down to 0.00001602 or even lower.
Yet overcoming this hurdle might open up paths for Shib to hit loftier objectives, with the near-term aim at 0.00002169 and a more far-reaching long-term objective of 0.00002945.
Yet, doubts linger: what do on-chain metrics indicate? Are trading activities suggestive of a bullish trend, or is a downturn on the horizon? Here’s the latest analysis from AMBCrypto on SHIB’s market behavior.
Market remains firmly bearish on SHIB
The overall feeling toward SHIB remains mostly negative, as many long-term investors are experiencing forced selling due to the market’s downturn. They had initially expected a price rise that failed to occur.
In addition, the existing market indicators show that there are more sellers than buyers, which could potentially push the price of SHIB even lower.
In the most recent report, a significant amount of long positions on SHIB, valued at approximately $432,970, have been liquidated from the market. This massive withdrawal suggests decreasing optimism about SHIB’s prospects for growth, resulting in substantial losses for traders.
Furthermore, high open interest signifies that more market players are inclined towards short selling, as it represents the overall level of commitment among traders.
The trend indicates a prediction of continued drops in SHIB‘s price, a prediction backed up by the high number of unresolved derivative contracts.
Are traders selling SHIB more rapidly?
As an analyst, I’ve observed a substantial decrease in the volume of large transactions linked with Shiba Inu. Based on data from IntoTheBlock and my analysis with AMBCrypto, this decline amounts to approximately 62.57%, leaving us with a transaction volume of around $27.99 million.
As a crypto investor, I’m observing that big players seem to be holding back on purchases right now, which might suggest a dip in their confidence levels within our circle.
Alongside the downward trends discussed earlier, this drop indicates that traders are becoming more likely to offload their assets, which could be causing the current downturn in its value.
Should the current pattern continue, Shiba Inu (SHIB) might experience additional drops. Yet, if the selling pressure lessens, there’s still potential for the upward trend to regain its pace.
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2024-10-07 10:15