Volatility hits the SHIB crypto once again, but this time, green surfaces. After a series of bloody declines, the Shiba Inu rose timidly with an increase of 6.5%, offering a brief breather to investors. However, this rise remains fragile. The real challenge for SHIB lies in breaking through a key resistance level that could be a game-changer.
Shiba Inu: a rebound under high pressure
In recent days, Shiba Inu has tried to catch his breath, finding temporary support at the level of 0.00001602. It even jumped 42% at the end of September. However, the resistance at 0.00001740 continues to pose a problem, hampering any hope of a real recovery.
This famous level of resistance acts as a psychological barrier for crypto tradersencouraging them to sell as soon as they approach it. If this resistance zone gives way, SHIB could aim for more ambitious targets at 0.00002169, or even 0.00002945.
- Current resistance: 0.00001740;
- Support: 0.00001602;
- Short-term objective: 0.00002169.
However, not everyone is convinced. Market whales, once optimistic, are now more cautious. Large trading volume fell 62.57%rising to $27.99 million, indicating a lack of confidence among large investors.
If the sellers persist, the Shiba Inu price could well fall back into the abyss.
Crypto SHIB: A Persistent Bear Market
The overall crypto market remains mostly bearish for SHIB. Open interest indicators show that sellers are significantly outperforming buyers. Liquidation of long positions, which exceeds $432,970seriously undermined the confidence of traders who were hoping for a rapid rebound.
Short positions, meanwhile, continue to gain momentum, increasing pressure on the price of SHIB.
According to IntoTheBlock, big investors seem to be deserting the ship. The volume of large transactions has fallen, hinting at an uncertain future for this altcoin. The crucial question therefore remains: Will the Shiba Inu crypto be able to overcome these challenges and reverse the downtrend? The next few days will be decisive.
Nevertheless, Shiba Inu remains a symbol of hope for crypto meme fans, despite current challenges. It is no coincidence that some investors are still betting on a 7,000% explosion.
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