SHIB/USD has provided its speculators with a solid climb higher the past few days, but this move upwards comes after a strong stumble lower.
Shiba Inu remains a speculative asset which attracts wagers on direction by its traders. SHIB/USD has correlated to the broad cryptocurrency market rather solidly. After stumbling to lows on the 10th of January, Shiba Inu was able to generate a move higher and it has been able to sustain its short-term loftier accomplishments. However SHIB/USD remains within the depths of its long-term price range.
Traders need to use risk-taking tactics when betting on SHIB/USD because volatility can create large percentage moves. Shiba Inu trades in fractional amounts well below one cent per token. The lower values reached on Monday of this week touched values not seen since the middle of October of 2021. This exact time reference is an important technical note.
On the 4th of October 2021, SHIB/USD was trading near the 0.00000775 ratio. By the 7th of October SHIB/USD was trading at nearly the same price it is trading as of this writing on the 13th of January 2022. The valued traded after the high was made on the 7th of October created a new higher price range for SHIB/INU which established a new value band.
The ability of SHIB/USD to drop back into this price terrain on the 10th of January was intriguing. And importantly, the price of SHIB/USD was able to sustain support being tested at the lows around 0.00002560. If these lower support realms are proven vulnerable this would be a bad sign for SHIB/USD.
SHIB/USD is certainly correlating well with it major counterparts which also tested important support levels early this week. The question for all the cryptocurrencies which have displayed a polite higher climb the past couple of days is if this sudden reversal higher can be sustained.
Cautious bullish traders may want to wait for additional resistance levels to be broken upwards before believing a new trend is going to prove strong. In the meantime, short-term quick hitting trades with SHIB /USD with realistic take profit targets and conservative stop loss orders is a wise decision for speculators.
SHIB/USD remains within its lower value depths after attaining record highs in late October 2021. Traders may believe Shiba Inu has been oversold, but a look at a six-month chart is not pretty regarding trends. Until SHIB/USD is able to climb above the 0.00004100 ratio again, speculators who are skeptical of Shiba Inu may continue to try and sell SHIB/USD when it hits perceived resistance levels which they believe will spark additional movement downwards. Selling SHIB/USD in the near term after slight movements higher are attained to ignite short positions remains an interesting speculative wager.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00003285
Current Support: 0.00003145
High Target: 0.00003355
Low Target: 0.00002981