SHIB/USD continues to be the darling of purely speculative crowds in the broad cryptocurrency market, having produced wild returns again this week.
SHIB/USD has soared in value since early this week and for traders who have wagered on upside action and been able to cash out their winning wagers, smiles are likely being seen. SHIB/USD trades in fractions of a cent and its percentage gains and losses can equate into vast changes in trading accounts. However, all participants within SHIB/USD must understand that for the vast majority of speculators, taking a position on Shiba Inu is nothing short of betting.
The use of leverage is very important within SHIB/USD and the ability to calculate how much money you are willing to lose on a wager is a consideration that needs to be made. SHIB/USD has now broken through its mid-January values higher, and is actually in sight of prices last seen in the first week of January. This highlights the surge upwards in SHIB/USD has actually surpassed resistance which many of the Shiba Inu counterparts in the cryptocurrency world have not been able to penetrate yet when considering mid-January price levels.
SHIB/USD has produced results point to positive sentiment within the cryptocurrency sphere, in which speculators reign supreme. Yes, technical charts are important and results should be considered via weekly and monthly results, but the notion that SHIB/USD acts as barometer within the broad cryptocurrency market is intriguing. It is only a theory, but the positive action in SHIB/USD may point towards more buying momentum to actually develop in other cryptos too in the near term.
After reaching highs however yesterday, SHIB/USD has reversed slightly downwards. Traders need to always understand that fractional movements in Shiba Inu can produce huge percentage changes. A high of nearly 0.00003534 was challenged on the 8th of February; today’s value is closer to 0.00003280 as of this writing. While the move may appear insignificant, if a large amount of leverage was used this equates into a rather large change in cash value.
Traders need to understand volatility is rampant in SHIB/USD and although positive gains have been made this week with sudden eruptions higher, declines can quickly develop too. If a trader thinks SHIB/USD is going to continue to mount a higher move, then placing an entry price buying order may prove worthwhile, but proper risk management is always needed.
Traders who believe SHIB/USD has been overbought in the short term need to be careful. However, if the broad cryptocurrency market turns lower and SHIB/USD remains within its loftier short term range, then perhaps selling SHIB/USD and looking for downside price action could be a solid wager.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00003350
Current Support: 0.00003205
High Target: 0.00003628
Low Target: 0.00002965
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