SHIB Struggles to Break Resistance Amid Market Decline

The Most Important Points at a Glance

Shiba Inu (SHIB) is facing a challenging phase as the price continues to decline and key resistance levels remain unbroken. Despite a brief recovery following a market crash, the overall market sentiment for SHIB remains bearish. Large investors show little interest, further increasing the selling pressure. If the price fails to break through the resistance level, further losses are likely.

Challenges for Shiba Inu

After a recent market crash, Shiba Inu found support at a price of $0.00001602 USD. For a short time, it appeared there was a recovery, but a strong resistance zone at $0.00001740 USD halted the upward trend. Resistance levels often lead to selling pressure, as many traders close their positions once the price reaches this level. If SHIB fails to overcome this hurdle, the price could drop again to $0.00001602 USD or lower.

Market Sentiment Remains Bearish

The overall market sentiment for Shiba Inu remains negative. Many traders who had bet on rising prices incurred losses as the expected increase did not materialize. According to recent data, long positions worth over $432,970 USD were liquidated. This suggests that confidence in a price increase for SHIB is waning.

Open Interest and Selling Pressure

The so-called “Open Interest” – a metric that measures the number of open positions in the market – shows that more market participants are betting on falling prices. This further increases the selling pressure on SHIB. The vast majority of traders expect the price to continue to decline.

Large Investors Hold Back

An analysis of transaction volumes shows that large investors currently have little interest in Shiba Inu. According to data from IntoTheBlock, the volume of large transactions has decreased by 62.57% to $27.99 million USD. This indicates that large market participants are currently not willing to invest in SHIB, further increasing the selling pressure.

Our Assessment

Shiba Inu is facing a decisive phase. If the price fails to break through the resistance level of $0.00001740 USD, further losses are to be expected. The bearish market sentiment and the lack of interest from large investors currently speak against a quick recovery. Traders should closely monitor developments and adjust their positions accordingly.