SHIB/USD remains within the lower realms of its mid-term price range, but the last couple of days have seen the cryptocurrency incrementally gain. However, because Shiba Inu moves in fractions of a cent, the gains within the consolidated range do not amount to much if a trader is paying a large transaction fee for the right to speculate on SHIB/INU. The small moves likely need to have a rather speculative amount of leverage coupled with a buying position to makes outcomes worthwhile.
Thus the smaller gains produced the past couple of days may prove to be a case of ‘fool’s gold’ if a trader is being too conservative with SHIB/USD. This knowledge could also prove to be dangerous because traders certainly should not be overextending the amount of cash they wager on Shiba Inu. SHIB/USD remains potentially volatile and while the cryptocurrency has seemingly produced results which are polite the past couple of days, a sudden surge up or down is bound to be seen again sooner rather than later.
Patience and a speculative nature are needed right now to trade SHIB/USD. The slight gains the cryptocurrency has made the past couple of days may be signs that traders are climbing aboard Shiba Inu in order to try and catch the next rocket ride higher. However, if the current incremental gains vanish and the consolidation suddenly reverses lower, the recent move of SHIB/USD could prove to be a trap and an expensive mistake for bullish traders caught in another downward trajectory.
The broad cryptocurrency market has shown signs of life the past two days and SHIB/USD is a solid barometer of risk sentiment among traders. The upwards movement which has been displayed though needs to come with a warning sign, because significant resistance has yet to be surpassed by SHIB/USD and its major counterparts in crypto.
If SHIB/USD can break above the 0.00002200 level, traders should remain cautious. Even if this slightly higher value is toppled, 0.00002500 remains the price that could trigger a signal that the mid-term bearish trend may be eroding. Until then, short-term bullish traders should remain tactical and look for quick hitting upwards movements only.
Skeptics who believe SHIB/USD is consolidating and signaling another selloff is about to occur could prove to be right. Traders tempted to short SHIB/USD should also be careful and make sure all forms of risk management are used to participate in this speculative asset.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00002200
Current Support: 0.00002110
High Target: 0.00002346
Low Target: 0.00001999
