After starting the month of November near all-time highs, SHIB/USD appears set to begin December on a more cautious note. Downwards price action has been displayed the past four weeks of trading for Shiba Inu, but this doesn’t mean speculators will suddenly vanish from its trading landscape. In fact SHIB/USD remains extremely attractive to cryptocurrency traders who want price action and enjoy rapid volatility.
The incremental trading nature of SHIB/USD remains fully intact and the acknowledgement that the cryptocurrency has only been sincerely trading since the spring of this year makes it enticing for traders. SHIB/USD remains well below the one cent ratio, traders need to understand the cryptocurrency trades fractionally and they need to choose the amount of leverage they want to use wisely.
SHIB/USD appears to remain the darling of social media influencers, and Shiba Inu has a large amount of proponents who like the fact that it is entirely a speculative asset with no underlying utilitarian purpose. Meaning that speculators who want to trade SHIB/USD should understand they are 100% wagering on the direction of an asset which largely exists only to gamble on its value. The fact that SHIB/USD began November near all-time highs after seeing them attained in the last week of October, and the subsequent downwards trajectory which has almost halved its value needs to be contemplated.
Traders who want to speculate on SHIB/USD should pay attention to technical charts, but they should also monitor the ‘noise’ surrounding the cryptocurrency. The question speculators may want to ask is if the hyperbole of social media coverage has lost its power which was generated in October and very early in November. If this is the case then it is possible SHIB/USD will continue to display a downwards trajectory which could test lower price ranges.
If SHIB/USD breaks its current support downwards it is quite possible another dose of selling could then take Shiba Inu quickly to values seen in early October, which would mean another fifty percent move could easily be generated. The price of SHIB/INU is currently around 0.00004700, meaning a test of lower prices around 0.00002225 would be significant. Traders are urged to be careful when they use leverage with SHIB/USD.
Shiba Inu Outlook for December
Speculative price range for SHIB/USD is between 0.00002755 and 0.00007280 cents.
Traders who want to speculate on SHIB/USD cannot be blamed. The cryptocurrency is a pure wager and is a reminder for many people what it used to feel like in the early days of digital asset speculation. Traders who take positions of Shiba Inu likely want the volatility which the cryptocurrency produces. Moves should be monitored carefully and entry price orders need to be used.
If current support for SHIB/USD falters it could bring about another fast paced downwards slope which begins to test early October prices. If the 0.00003700 level is broken lower, traders may believe the selling momentum could test the 0.00003000 mark very quickly. If this lower value is proven to be vulnerable SHIB/USD could find itself testing marks of nearly 0.00002500 quickly.
Speculative bullish traders who want to be part of the SHIB/USD storybook ending need to practice solid risk taking tactics. SHIB/USD has correlated to the broad cryptocurrency market which has demonstrated a downturn the past few weeks technically. SHIB/INU is remarkably ranked as the 11th biggest cryptocurrency regarding market capitalization. So even though it is a purely speculative wager, it also carries a large amount of market participants who are willing to be part of its landscape. If momentum shifts upwards, SHIB/INU can generate quick prices just as fast as it can produce dynamic losses.
