The post Shiba Inu: Market trends suggest tough road ahead for SHIB traders appeared on BitcoinEthereumNews.com.

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.  Over the past week, Shiba Inu [SHIB] has dropped by 11.65%, and the downtrend continues with a 2.11% decrease in the past 24 hours alone, signaling a lack of market interest to push its price higher. If Shiba Inu cannot overcome this resistance, the bearish trend could continue. Investors and traders alike should watch these developments closely as SHIB approaches this critical crossroads. Obstacles to Shiba Inu’s rally After the recent market crash, Shiba Inu found support at the 0.00001602 level and initially showed signs of recovery. However, its upward momentum has been challenged by a significant resistance zone at 0.00001740. Resistance zones typically trigger selling pressure, pushing prices lower. The question now is whether market momentum will align with the usual outcomes expected from these zones. Should this occur, the SHIB will drop back to 0.00001602 or further lower. Source: Trading View However, breaking through this barrier could pave the way for SHIB to reach higher targets, setting its sights on a short-term goal of 0.00002169 and a more ambitious long-term target 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 Market sentiment for SHIB continues to be predominantly bearish, with a large number of long traders facing liquidations. These traders had anticipated a price increase that did not materialize.  Moreover, current open interest indicators suggest a predominance of sellers over buyers, exerting further downward pressure on SHIB’s price. As of the latest update,…

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Filed under: News - @ October 7, 2024 7:21 am