SHIB/USD is trading near important lows and cannot seem to escape the grasp of its downward trend. Shiba Inu trades in fractions of a cent. It is a highly speculative and dangerous cryptocurrency to speculate on, because of its ability to generate a supreme amount of volatility due to its percentage changes in value. Like all the major cryptocurrencies SHIB/USD has suffered from the long term bearish trend and it is finding it difficult to locate buyers.
At the height of its exuberance in the last week of October 2021, SHIB/USD traded near the 0.00008772 level. As of this writing Shiba Inu is trading near 0.00001086, do not get fooled by all the digits please, because SHIB/USD has lost a vast sum of money for speculators who were lured to buy near highs. SHIB/USD is a purely speculative cryptocurrency, it has no utilitarian value.
Only eight months ago Shiba Inu was considered the go to crypto for speculative wagers by many traders who were caught up in the belief that SHIB/USD could one day achieve the potential one cent level. Nearly all of the Shiba Inu influencers have now disappeared. Many of the Shiba Inu backers have scattered, and most do not have the courage to try and persuade the masses that SHIB/USD is a great buying opportunity. Because for the moment and likely near future SHIB/USD is nearly a worthless coin in many respects.
Believe it or not SHIB/USD according to CoinMarketCap is still the 16th highest ranked cryptocurrency regarding market cap. This should tell speculators that an enormous amount of tokens were created for Shiba Inu when it was ‘minted’. The technical chart for SHIB/USD still remains negative and it feels like a selling opportunity. However, traders will need to be ultra-careful if they bet on lower momentum.
If SHIB/USD falls below the 0.00001000 mark, there seems to be a legitimate chance that long term lows will start to be seen and strong selling velocity may erupt. However, there is the chance that SHIB/USD backers who bought the coin will continue to hold onto their Shiba Inu, and decide to simply go down with the ship, which could curtail massive selling. Speculators who want to sell should definitely use entry level orders, take profit and stop loss tactics.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00001111
Current Support: 0.00001063
High Target: 0.00001195
Low Target: 0.00000875
