SHIB/USD is trading near vital long-term support levels, and actually tested vital depths over the weekend which sparked a moderate reversal higher.
SHIB/USD is within a dangerous trading range which some speculators may find attractive, and others may choose to stay away from the potential volatility. SHIB/USD tested depths this past Saturday which saw its value fall to lows seen in January as it briefly darted towards the 0.00001825 ratio. A reversal upwards did occur rapidly after this lower mark was challenged, and SHIB/USD is now seemingly acting in a consolidated manner near a price around 0.00002130.
SHIB/USD is an intriguing barometer regarding overall behavioral sentiment in the broad crypto market. The consideration that SHIB/USD continues to wrestle near important support levels needs to be acknowledged. SHIB/USD has not been able to produce a significant sustained move higher recently and this mirrors other major cryptocurrencies.
The test of lows this weekend, which had not been seen since January shows that a large amount of nervous sentiment may be boiling in the digital assets as speculators choose where to wager on their chosen risks. Day traders who are attracted to the potential of volatility in SHIB/USD not only have to consider the support levels which the cryptocurrency is bouncing along, but the notion that a rather consolidated mode is now being seen too. Technically the fact that SHIB/USD remains in a magnet like grip near important lows needs to be interpreted.
If a trader remains skeptical about the broad cryptocurrency market and believes current prices indicate more nervous sentiment will be displayed, then it may make sense to wager on SHIB/USD remaining weak and potentially testing lower depths again. The 0.00002100 level could prove very important, if it is broken lower near term, and the price of SHIB/USD cannot fight back above this mark that would be a negative signal.
Traders always need to keep in mind that SHIB/USD moves in fractional digits. Shiba Inu can produce huge swings in value depending on the amount of leverage a speculator is using within SHIB/USD. Small moves can cause big results for those who putting on big bets.
The door is open for speculators who enjoy wagering on cryptocurrencies to embrace the dangerous potentials of SHIB/USD. Traders who believe upside momentum is going to develop should keep their targets realistic and perhaps only aim for nearby resistance levels as take profit goals. Sellers of SHIB/USD should also be ready to cash out of winning positions quickly to avoid sudden reversals which are a frequent force within Shiba Inu.
Shiba Inu Coin Short Term Outlook:
Current Resistance: 0.00002176
Current Support: 0.00002112
High Target: 0.00002221
Low Target: 0.00002025