SHIB/USD has produced a climb in value the past week, but this has developed after the ultra-speculative cryptocurrency challenged October depths.
SHIB/USD continues to deliver violent trading results for speculators who crave aggressive moves within the cryptocurrency world. Shiba Inu was trading at all-time highs in late October at nearly 0.00008800, but on the 20th of December the value of the cryptocurrency was approximately 0.00002850. This price is nearly a 68% decline in value.
The drop in value of SHIB/USD is extraordinary and for traders lucky enough to have been skeptical of the higher values of the cryptocurrency, this may have produced profitable selling positions. However, traders who were caught up in the fanfare of the positive result of October’s bullish climb, and bought in at the highs have likely suffered astonishing losses. Here’s the thing, SHIB/USD remains a pure speculative bet.
Traders who want to wager on the direction of SHIB/USD may be able to look at technical data and correlate it to broad market sentiment in the cryptocurrency world, but the results of Shiba Inu remain a sphere for speculators who understand the risks, all others should watch from afar. SHIB/USD is fractionally traded and the use of conservative leverage is appropriate because if a volatile move occurs, and it likely will, the results can be rather nervous when direction is not going in the intended manner.
Intriguingly, SHIB/USD is correlating to the major cryptocurrencies rather well. It could be said that Shiba Inu is a solid barometer of speculative sentiment within the cryptocurrencies. Having touched a low only one week ago, SHIB/USD has produced a solid gain upwards which may be making its buyers content. However, the current price value of SHIB/USD is now bouncing along important resistance levels and challenging values not seen since early December. Optimistic traders may see this as an opportunity to buy SHIB/USD and anticipate another leg up.
Speculators who are skeptical of the sudden upturn the past week and believe the results are a holiday bounce that will vanish could become sellers. Whether you are a buyer or a seller of SHIB/USD, risk management is essential, as this is a wager on broad cryptocurrency market sentiment in many regards. Choppy conditions may persist short term. If current resistance levels are broken higher, SHIB/USD could produce short term positive movement. Traders should to use entry orders to get appropriate price fills and use stop loss and take profit positions at all times if they are short term bettors.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00003875
Current Support: 0.00003770
High Target: 0.00003950
Low Target: 0.00003630
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