SHIB/USD is getting plenty of attention from the media, and its social influencers are voicing their love for the volatile cryptocurrency asset as it produces thrills on a daily basis.
The past week of trading for SHIB/USD has looked like a rollercoaster ride; in fact, the past few weeks of trading have been a prolonged and thrilling spectacle for speculators. Volatility has been on constant display and record heights were touched late last week before SHIB/USD produced a bit of a downturn. However, Shiba Inu remains within the higher part of its long-term range as its trading appeal has grown.
Cautious and conservative cryptocurrency traders who prefer the more tranquil waters of Ethereum and Bitcoin may not want to trade SHIB/USD. While that statement may sound like a joke or ironic, in fact it is meant as a real piece of advice. Shiba Inu has the ability to move in a manner that will remind long-term cryptocurrency traders of the early days within the crypto marketplace. Fortunes can be made and life savings can be lost. This is not meant as a dramatic statement, it is written as a warning to anyone who thinks they can merrily speculate on SHIB/USD with a large sum of money and not face the potential of having their trading account wiped out quickly if they do not practice risk management.
Careful amounts of leverage should be thought about with defined trading parameters. Before placing a trade on SHIB/USD, a speculator needs to have an entry price chosen, a stop loss and a take profit in mind too. Current resistance for SHIB/USD in the short term is near 0.00007500 and, if this mark no longer exists as you are reading this report, please do not blame the messenger. Shiba Inu moves fast and its ability to spike has proven a valuable lesson the past couple of weeks as it has skyrocketed.
Yes, SHIB/USD can trade lower, and if some speculators may want to actually sell the cryptocurrency and they cannot be blamed. However, looking for more upside price action with SHIB/USD appears to be the logical bet for this cryptocurrency.
A combination of technical merriment in the broad cryptocurrency market continues to show power, and the influencers of SHIB/USD seemingly have control of social media circles where throngs of followers march forward with obedient buying. In the meantime, going long SHIB/USD may be the right decision. Again, traders are urged to use all of their risk management skills to the best of their abilities. Buying Shiba Inu on reversals lower may be a good decision by cautious traders.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00007500
Current Support: 0.00006825
High Target: 0.00008100
Low Target: 0.00004300
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