Volatility has increased in the broad cryptocurrency market and this has opened the door wide for speculators who want to wager on SHIB/USD and crave its trading environment. Already noted for being among the leading speculative cryptocurrencies in the world, SHIB/USD has produced fast results in the past handful of days as it put in a low around the 0.00002075 mark on the 24th of February, and then achieved a high of nearly 0.00002655 in early trading this morning.
Traders must acknowledge that the percentage changes in SHIB/USD can be absurdly high due to its incremental value fluctuations. While speculators who have long term intentions with Shiba Inu may not pay much attention to every change in value, day traders who are simply hoping to gain from their bets on the cryptocurrency certainly do. The use of conservative leverage is important when trading SHIB/USD to protect against massive and fast changes of value, which can knock an unprepared speculator out of a trade quickly.
SHIB/USD can certainly be viewed as a barometer regarding speculative sentiment within the cryptocurrency market. SHIB/USD continues to correlate rather well with the other major digital assets. Speculators who are willing to risk an amount of money they can afford to lose and want to wager on the direction of SHIB/USD cannot be faulted for trying to make a calculated bet regarding potential direction based on existing behavioral price action.
This morning’s early high in SHIB/USD did come within sight of values seen on the 23rd of February when Shiba Inu climbed to a high of nearly 0.00002738. However, the price action of SHIB/USD stopped short of those highs and in fact was not able to mount a real attack on the 0.00002700 resistance juncture. Fast conditions were certainly seen in yesterday’s market and traders should expect to see quick changes of value to continue today due to the amount of volatility being demonstrated in all financial sectors.
SHIB/USD is a speculative wager based on perceived direction. Traders who feel that today’s price action will produce higher moves may want to be buyers of SHIB/USD when the cryptocurrency flirts with support levels, this as their entry price orders ignite buying positions which seek reversals upward.
Shiba Inu Coin Short Term Outlook:
Current Resistance: 0.00002623
Current Support: 0.00002532
High Target: 0.00002748
Low Target: 0.00002359
