SHIB/USD has taken another downturn in recent trading and is within sight of what could prove to be rather intriguing support ratios.
Shiba Inu is a cryptocurrency that is purely speculative in nature. Traders looking to gamble on its value need to understand that there is no known use for SHIB/USD, except as a way to speculate and hope that a vast amount of money can be made. But where there is the potential for massive rewards when making wagers, there is often the possibility to lose a lot of money. Speculators need to make sure they keep their bets conservative. A trader looking to speculate with SHIB/USD must be prepared for staggering volatility and it is often not friendly.
SHIB/USD has failed to provide a solid reversal higher in December, yes there have been days where the cryptocurrency has gained, but incrementally the cryptocurrency continues to test support levels which appear vulnerable. As January gets ready to be underway, SHIB/USD has consolidated within the lower realms of its mid-term range. Shiba Inu is traded fractionally and its value needs to be understood, the cryptocurrency price for SHIB/USD is much less than 1 cent per coin.
SHIB/USD is now traversing above important lows demonstrated on the 20th of December. Yes, the cryptocurrency gained nearly 25% in a few days as it went from lows and reversed higher, but the move was quick and if a trader who was fortunate enough to be long and did not cash out the winning position, they may have watched their profits vanish. Traders should check on the transaction fees they have to pay when speculating on SHIB/USD. Day trading is attractive, but this means a significant move may have to take place to overcome the amount charged to a trader which allows them to speculate.
Late in November, SHIB/USD was able to provide speculators with a solid reversal, but after hitting a high of nearly 0.00005420 the cryptocurrency has essentially slid lower. Technical traders who look at six-month charts will clearly see the trajectory of Shiba Inu has not been favorable. Fundamentally it may prove wise to ask if SHIB/USD has lost some of its speculative glow which was delivered via influencers and proponents of the coin. The lows touched on the 20th of December near 0.00002880 hit values not seen since late October.
If SHIB/USD is not able to gather force via its social media influencers who love the speculative element the cryptocurrency provides, there is a logical and skeptical belief which leads to potentially negative sentiment continuing to be displayed. SHIB/USD became the darling of speculative cryptocurrency traders who craved potential and volatility. Can the ‘old’ magic be found again?
Shiba Inu Outlook for January
Speculative price range for SHIB/USD is between 0.00001570 and 0.00005919 cents.
If SHIB/USD is not able to sustain its value above the current support levels of 0.00003100 and falters again, the notion the cryptocurrency could challenge the 0.00002900 mark is not farfetched. Traders who are skeptical about the ability of SHIB/USD to remain a strong speculative cryptocurrency can sell the coin. If they choose to do this, conservative amounts of leverage and stop losses should be used at all times. It is also important to note that all traders of SHIB/USD should use entry level orders to make sure their price fills do not cause a gasp of surprise. The volatile nature of Shiba Inu can cause sudden feelings of pain for inexperienced traders. A lower move past the 0.00002700 would be a bad signal for SHIB/USD, and could indicate the 0.000024000 levels from mid-October may come into view.
Optimistic traders and outright gamblers who believe SHIB/USD can deliver upside momentum again cannot be blamed, but it will take solid tactical wagering to accomplish profits, or blind luck. If support manages to remain durable near the 0.00003300 mark, traders may be tempted to try and go long the cryptocurrency. SHIB /USD have correlated to the major cryptocurrency market rather well, but its moves are magnified. If Shiba Inu finds speculative buyers becoming a force again, the 0.00003500 to 0.00004000 levels are potential targets.
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