SHIB/USD has taken on a rather cautious consolidated mode the past week as the value of Shiba Inu traverses the middle of its short term price range. The highly speculative cryptocurrency which is a favorite of traders who seek volatility, has been rather quiet with its results the past few days, and while this has allowed speculators to use targeted quick hitting price action, it may have some traders feeling rather suspicious.
The broad cryptocurrency market has mirrored the results in SHIB/USD the past week in some respects. SHIB/USD did see a low of nearly 0.00002362 on the 18th of April and then a reversal higher to about 0.00002590 only two days later. These results and the slight headwinds which have followed the past day of trading in SHIB/USD have also correlated to the broader crypto market.
Choppy trading has been seen in SHIB/USD, and traders are encouraged to consider momentum in order to take advantage of developing short term trends under the present conditions. Nervous sentiment is likely building among certain speculators who are monitoring key support levels in SHIB/USD and wonder if a ‘return’ to bearish price action will mount. However, the recent trading of SHIB/USD and the broad cryptocurrency marketplace may also spark the interest of bullish speculators who believe the recent downturn experienced the past week of trading has produced oversold results.
SHIB/USD is a purely speculative cryptocurrency and it is a rather intriguing barometer of market sentiment. The recent consolidation which has taken place the past few days of trading as Shiba Inu trades in a fractional manner is not likely to last. Volatility may be ready to be exhibited sooner rather than later within SHIB/USD. Traders are urged to use specific entry price orders to ignite their positions so their ‘fills’ meet their expectations.
Buyers cannot be blamed for the belief that if current support levels prove durable, that long positions may prove to be worthwhile if they are initiated on slight moves downward, which carry the expectation of higher reversals. If SHIB/USD is able to maintain a price above the 0.00002500 juncture it may be a signal additional upside will be demonstrated in the near term. Traders are reminded SHIB/USD can move fast and that leverage needs to be carefully considered because incremental changes in value of Shiba Inu can produce astonishing results – both bad and good – depending on the outcome of wagering on this volatile cryptocurrency.
Shiba Inu Coin Short Term Outlook:
Current Resistance: 0.00002548
Current Support: 0.00002460
High Target: 0.00002630
Low Target: 0.00002353
