Over the past week, Shiba Inu (SHIB) has encountered a significant downturn, with its price plummeting by 11.65%. The latest data reveals a 2.11% drop in the past 24 hours alone, highlighting a growing lack of market interest that continues to suppress its value. As SHIB approaches a critical juncture, both investors and traders are urged to monitor these developments closely, as the future trajectory of this popular meme coin hangs in the balance.
Challenges Ahead For Shiba Inu
After the recent market turmoil, Shiba Inu found temporary support at the 0.00001602 level. While there were initial signs of recovery, its upward momentum is being thwarted by a significant resistance zone at 0.00001740. Historically, resistance zones have proven to trigger selling pressure, which in turn pushes prices lower. The pressing question now is whether the current market momentum will follow the expected patterns associated with these resistance levels. If so, SHIB could slip back to 0.00001602 or potentially lower.
Conversely, breaking through this resistance could pave the way for a bullish revival, with SHIB eyeing a short-term target of 0.00002169 and an ambitious long-term goal of 0.00002945. However, lingering doubts abound regarding SHIB’s market dynamics: Are the on-chain metrics signaling a bullish trend, or is a more pronounced downturn on the horizon? Let’s delve into the latest insights from AMBCrypto regarding SHIB’s market behavior.
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A Bearish Sentiment Prevails
Market sentiment surrounding SHIB remains firmly in the bearish camp, with a large number of long traders facing liquidations due to their failure to anticipate a price surge. Current open interest indicators suggest a greater number of sellers than buyers, which is exerting additional downward pressure on SHIB’s price.
As of the latest reports, over $432,970 worth of long positions have been liquidated, showcasing a diminishing confidence in SHIB’s ability to rebound. This significant elimination of long positions has led to considerable losses for many traders, further emphasizing the precarious state of SHIB’s market outlook.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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