SHIB/USD: Over Exuberance and Joy Turn into Caution and Fear

Christopher Lewis

SHIB/USD is traversing dangerous support levels as its backers apparently hang on with a fragile grip, and speculators try to take advantage of its price range.

SHIB/USD is within the lower depths of its long-term price chart.  While Shiba Inu has climbed higher since trading near a low of nearly 0.00000890 on the 12th of May, the speculative cryptocurrency with no utilitarian use is still mired within a rather ugly price landscape. SHIB/USD is now traversing within a value range it has not traded since October of 2021. The last two days of trading in Shiba Inu have also produced an incremental lowering of resistance levels.

Intriguingly SHIB/USD remains above prices that were seen in June and July of 2021. This acknowledgement highlights that long term ‘investors’ who bought SHIB/USD probably more than a year ago, still may be holding onto Shiba Inu as a long term wager. Buying SHIB/USD because of the over exuberance in the broad crypto market certainly proved to be a worthwhile bet, if a trader bought at lows last year and sold during the highs of late October and early November of 2021.

The fact that SHIB/USD has not dropped to the same technical lows like many of its major counterparts which have hit prices seen in March and February of 2021 is interesting. This thought also raises the suspicion that Shiba Inu long-term buyers have not given up yet. So the question is if and when the speculative buyers will wave a white flag, surrender and sell SHIB/USD to collect some money which still exists. Or will the traders be willing to go down with the ship in a sea of worse losses?

If SHIB/USD falls below the 0.00001100 mark this could set off additional selling. An early morning low of nearly 0.00001120 has already been seen and while a slight reversal has been displayed, SHIB/USD remains within the lower realms of its range. If the major counterparts of SHIB/INU in the digital asset market begin to see nervous conditions mount in the near term, this could spell trouble for Shiba Inu and create a re-test of lows seen last week. If the 0.00001100 proves vulnerable, traders will certainly eye the 0.00001000 ratio.

SHIB/USD is a prime speculative cryptocurrency and serves as a barometer for the broad crypto market regarding risk appetite. The lack of a strong reversal higher in SHIB/USD and its inability to escape the lower depths of its long term technical charts highlights the increased nervous sentiment which exists. Speculators who want to sell SHIB/USD and look for lower depths cannot be blamed. All risk taking tactics should be carefully used while betting on Shiba Inu.

Shiba Inu Coin Short-Term Outlook

Current Resistance: 0.00001197

Current Support: 0.00001107

High Target: 0.00001275

Low Target: 0.00000972

SHIB/USD

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.