SHIB/USD is the new darling for the speculative world of cryptocurrency, having gained an astounding percentage change in value the past month.
SHIB/USD has gained a rather extraordinary amount of value the past month; in fact, only over the past week of trading Shiba Inu has multiplied in value enough to provide some speculators with astronomical results. One of the appealing aspects of SHIB/USD is that it does not trade for thousands of dollars per coin, it trades in fractions and the math has produced a multiple of 1000% in its value since the beginning of the first week in October. Essentially, SHIB/USD has moved from 0.00000675 in the first week of October to 0.00006750 as November approaches and the cryptocurrency trades today.
The volatility upwards can also be demonstrated on the downward slope and traders need to be careful. Shiba Inu is worth far less than one cent per coin. However, SHIB/USD is actually the ninth-ranked cryptocurrency globally regarding market capitalization as November gets ready to start. The number 10th ranked digital asset is Dogecoin, and important consideration needs to be processed regarding this fact.
Some viewed the introduction of the Shiba Inu coin this year as a joke intent on merely copying the speculative nature of Dogecoin. However, SHIB/USD has actually surpassed DOGE/USD in market cap and while its core value per coin remains fractional, it gains have been substantial. Traders need to understand that SHIB/USD has the capability of massive fluctuations. An all-time high for Shiba Inu was hit on the 29th of October when the cryptocurrency traded a hair below 0.00009000. Traders need to be aware of the decimals and changes in value that this causes.
If a speculator can find SHIB/USD via their chosen trading platform a survey regarding the costs of transactions should be examined before diving in. Traders also need to make sure the price spread between bid and ask are relatively sane and it is highly recommended that entry orders are used to initiate opening positions. The wide daily price range and volatility within SHIB/USD also makes it clear that leverage needs to be calculated effectively. With moves occurring within the span of one day of between 10 and 20 percent rather frequently, traders are cautioned to not jump into SHIB/USD without caution.
The broad cryptocurrency market has certainly been exuberant for many of the major cryptocurrencies the past few weeks and Shiba Inu with a market capitalization of over 36 billion USD needs to be taken seriously. While Shiba Inu has no utilitarian purpose other than as a speculative asset, the results surrounding SHIB/USD have been spectacular for traders who have captured it upside momentum. The problem is that SHIB/USD can also plummet in value and wipe a trading account out. You can lose all your money.
Intriguingly, SHIB/USD has certainly seemed to capture a large amount of proponents who have likely switched from DOGE/USD. Influencers and proponents of Shiba Inu are rampant within social media trading groups and the rise in value of SHIB/USD mirrors the ‘classic’ results of early trading within cryptocurrencies technically when speculative appeal and daring ruled the landscape a handful of years ago.
Shiba Inu Outlook for November
Speculative price range for SHIB/USD is between 0.00002355 and 0.00011100 cents.
SHIB/USD has shown a strong capacity to produce fluctuations toppling 10 percent in the blink of an eye. Current support and resistance must be monitored carefully and traders need to understand and pay attention to the orders they are placing and the fractional nature in value of Shiba Inu.
If support can be sustained following the recent mammoth gains of SHIB/USD and the 0.00006000 mark is not challenged, traders will certainly try to aim for the higher target near the 0.00007000 juncture. It is emphasized that the use of leverage is crucial with SHIB/USD and overly ambitious targets can produce violent results. SHIB/USD did reach a high of 0.00008920 approximately on the 29th of October and traders may believe the 0.00010000 is a legitimate target.
The speculative price range given above should be viewed with skepticism and note that the price changes in SHIB/USD are consistently volatile. If support levels begin to be challenged, it should be remembered that Shiba Inu was trading near 0.00000675 when October began, meaning that as SHIB/USD trades near 0.00006750 today, it has gained in math parlance 1000% of value. The use of stop loss and take profit orders when trading SHIB/USD is highly encouraged.