SHIB/USD is a speculative asset that packs a volatile punch for traders who are able to handle its extreme changes in value. SHIB/USD has suffered a serious decline in value during January, which has prolonged its bearish trend which started in earnest the last week of October after hitting its record highs. Shiba Inu trades in fractions of a cent which means traders can buy massive amounts of tokens for a relatively cheap cost, but when leverage is factored into the mix, this can also lead to costly trades which can destroy cash.
As the month of February gets set to begin, SHIB/USD is trading near values of 0.00002000 which were last traded in a sustained manner in the first week of October, this before the sudden burst of upwards price action which saw apex highs. The downward slope since those record highs of nearly 0.00008900 has created a stunning loss of real value if a speculator has bought and held onto SHIB/USD.
Traders of Shiba Inu need to understand this cryptocurrency has no utilitarian purpose, except as a way to wager on the direction of the coin. Shiba Inu can be argued to be a barometer of risk appetite within the broad cryptocurrency market. It can also be pointed out as an example of speculative excess which simply gambles on an outcome and hopes to gain quick profits.
SHIB/USD hit a low of nearly 0.00001700 early last week when the broad cryptocurrency market slumped to new depths as a bloodletting took place among the major digital assets. Although SHIB/USD did recover slightly in price, it was never able to really generate a serious amount of upwards momentum and ran into headwinds near the 0.00002300 ratio. SHIB/USD is currently languishing near the 0.00002050 ratio. If it falls beneath the 0.00002000 mark and sustains value below, this could be another sign that further selling may boil within Shiba Inu.
SHIB/USD is an avenue for traders to speculate on cryptocurrencies, but traders must be careful not to over leverage their positions and they should only wager what they are willing to lose. Influencers of SHIB/USD remain ‘talkative’ and will certainly claim the coin has been oversold, but they cannot hide the fact that Shiba Inu correlates to the broad cryptocurrency market. If speculative zeal for SHIB/USD erodes and another cheap digital asset becomes the darling for wagers replacing the love of SHIB/USD, this could cause Shiba Inu to see some of its buying momentum lose appeal.
Shiba Inu Outlook for February
Speculative price range for SHIB/USD is between 0.00000785 and 0.00003550 cents.
If SHIB/USD breaks below the 0.00002000 mark and challenges the 0.00001900 level, traders cannot be blamed for believing further price erosion may be demonstrated. If SHIB/USD falls near the 0.00001700 marks and this level proves vulnerable, then traders will need to look at long-term charts and consider just how low Shiba Inu can traverse. On the 5th of October 2021 SHIB/USD was trading near 0.00001700, but on the 1st of October 2021 SHIB/INU was trading near 0.00000780.
SHIB/USD is a significantly volatile cryptocurrency speculative asset. It gets plenty of attention as a major cryptocurrency regarding its huge market capitalization, which still has Shiba Inu ranked as the 15th biggest digital token. If SHIB/USD suddenly sees upwards momentum, traders should keep their eyes on the 0.00002500 juncture. Key resistance rests slightly below this level, but if resistance is penetrated and the broad cryptocurrency market becomes suddenly optimistic, volatile changes in percentage could be displayed rather easily for bullish speculators who are willing to gamble on upside.
