SHIB/USD is within the middle of its short-term range as it trades this morning. The speculative cryptocurrency is battling nearby resistance when a quick technical glance is given. The fractional value of Shiba Inu remains a drawing card to its volatility and opportunity to produce quick results. SHIB/INU is within a progressive bearish trend when longer-term charts are viewed.
Having made a high in later October, SHIB/USD has slumped like the broad cryptocurrency market and finds itself testing important support levels. However, SHIB/INU is not testing June and July lows like many of the other major speculative assets in cryptos. Shiba Inu is testing a price range from early October. Its value in June and July of 2021 were vastly lower.
Speculators need to understand the value that SHIB/USD trades is less than a quarter of a cent as of this writing. This allows traders to buy a massive amount of Shiba Inu tokens and watch the volatility deliver results, but the numbers produced can be good and bad. If a trader decides to use leverage with SHIB/USD they essentially are agreeing to make a dangerous wager. It can be argued that because Shiba Inu is a purely speculative asset that it works as a gauge of the broad cryptocurrency market.
But the results SHIB/USD produces are likely not a proactive look into the cryptocurrency world; they are likely a reactive glance regarding sentiment. Meaning, Shiba Inu likely gains or falls in value as speculators watch results in the biggest cryptocurrencies like Bitcoin and Ethereum, and then decide which direction they want to bet on SHIB/USD.
Having produced gains since late yesterday, SHIB/USD is challenging short-term resistance. However, if the cryptocurrency is not able to puncture the 0.00002200 mark it may be considered to have failed to prove the bullish trend will be sustained.
If current support levels near 0.00002100 falter, then it is likely speculators may believe there is further room to explore to the downside and speculate on. The 17th of January produced a low of nearly 0.00001700 which tested values seen in the first week of October 2021.
Selling SHIB/USD remains a speculative wager that could prove worthwhile. Cautious traders will likely want to sell on slight reversals higher if they still believe downside momentum will then be triggered. Speculators are reminded to limit the amount of leverage they use in Shiba Inu to safeguard their funds. SHIB/USD remains a betting paradise, but traders who use their risk management wisely including entry price orders may improve the outcome of their wagers.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00002211
Current Support: 0.00002085
High Target: 0.00002287
Low Target: 0.00001995
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