SHIB/USD has traded slightly lower in early trading today after coming off short term highs, but intriguingly, Shiba Inu looks like a rather opportunistic trade for speculators with ice water in their veins. Upon first glance at SHIB/USD and the broad cryptocurrency market this morning, a trader may decide that Shiba Inu has traded lower with a strong correlation via its major counterparts and is behaving negative.
However, if a five-day trading chart is shown, technically it appears that support levels have actually incrementally been increasing. This display of higher steps may prove to be attractive to speculators who are willing to wager that any lower movements within the current price action will be met by durable support. If the very nearby 0.00003050 to 0.00003025 ratios can sustain their values in the coming hours this could create a potential buying opportunity for traders who suspect higher values will continue to win the day eventually.
SHIB/USD is a highly volatile cryptocurrency, but the past two days of trading have produced a consolidated range. This will not likely continue, and traders should expect that SHIB/USD will produce a strong movement which will break free of the tight values. On the 12th of February SHIB/USD was trading near the 0.00002755 level, but on the 7th of February SHIB/USD was trading near 0.00003525 briefly.
The highs made about ten days ago and being followed by a short term low only a handful of days later may cause nervousness among some traders, and they may be proven right. However, it can also be shown that the values on the 12th of February did not fall to ratios seen on the 6th of February which displayed a price of 0.00002700. And it was on the 6th of February that SHIB/USD climbed from a low of nearly 0.00002255, and created a new price range which the cryptocurrency currently lingers.
The broad cryptocurrency market remains choppy, but some higher values have been displayed in recent trading. Yes, many of the SHIB/USD counterparts have reversed lower in recent trading, but the question about support now must be considered. If current ratios below can maintain their stance, then another move higher may be in store for Shiba Inu.
If support does falter, traders may become increasingly nervous around the 0.00003025 ratio. If this target is proven vulnerable the 0.00003000 level could quickly get tested. Today’s trading will be all about sentiment for SHIB/USD as it trades within the grip of a consolidated mode. Quick hitting wagers are likely a good tactic, including entry level price orders to make sure ‘fills’ meet expectations.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00003110
Current Support: 0.00003050
High Target: 0.00003195
Low Target: 0.00002999
