Crypto: A Fatal Resistance Jeopardizes The Hopes Of Shiba Inu Traders

Volatility strikes once more for SHIB crypto, but this time, green emerges. After a series of bloody drops, Shiba Inu timidly rises with a 6.5% increase, offering a brief respite to investors. However, this ascent remains fragile. The real challenge for SHIB lies in its ability to break through a key resistance level that could be a game-changer.

Shiba Inu: a rebound under high pressure

In recent days, Shiba Inu has attempted to catch its breath, finding temporary support at the 0.00001602 level. It even jumped by 42% at the end of September. However, the resistance at 0.00001740 continues to pose a problem, hindering any hope of a real recovery.

This well-known level of resistance acts as a psychological barrier for crypto traders, prompting them to sell as soon as they approach it. If this resistance zone breaks, SHIB could target more ambitious targets at 0.00002169, or even 0.00002945.

• Current resistance: 0.00001740;
• Support: 0.00001602;
• Short-term target: 0.00002169.

However, not everyone is convinced. Market whales, once optimistic, are now showing more caution. The volume of large transactions has dropped by 62.57%, falling to 27.99 million dollars, indicating a lack of confidence among large investors.

If 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 far outnumber buyers. The liquidation of long positions, exceeding 432,970 dollars, has seriously dented the confidence of traders hoping for a quick rebound.

Short positions, on the other hand, continue to grow, increasing the pressure on the price of SHIB.

According to IntoTheBlock, large investors seem to be abandoning ship. The volume of large transactions has fallen, foreshadowing an uncertain future for this altcoin. The crucial question remains: can the crypto Shiba Inu overcome these challenges and reverse the bearish trend? The coming days will be decisive.

Nonetheless, Shiba Inu remains a symbol of hope for meme crypto fans, despite the current challenges. It is no coincidence that some investors are still betting on a 7,000% explosion.