SHIB/USD appears to have adopted a brief consolidated position after a strong rally three days ago, and the current range for Shiba Inu could be attractive.
SHIB/USD has been trading higher since the 15thand of March and in many ways mirrored the results of the broad cryptocurrency market. 28and march SHIB/INU rushed to heights not seen since 17and of February, reaching a ratio of almost 0.00002965. After hitting that high a few days ago, Shiba Inu reversed lower and sold around the 0.00002616 mark.
What is intriguing for SHIB/USD speculators is the seemingly technical ability to consolidate over the past two days. Shiba Inu can be extremely volatile due to its split trading and stated purpose of being a speculative cryptocurrency with no utilitarian use except for betting. However, as a barometer of sentiment within the broad cryptocurrency market, SHIB/USD offers traders the opportunity to demonstrate what they think will happen via behavioral sentiment regarding trends.
The current price of SHIB/USD is trading near the 0.00002770 mark, which is in sight of the 0.00002800 junction and could prove psychologically important. Due to SHIB/USD’s consolidated short-term range over the past couple of days, support near 0.00002750-0.00002725 should be watched. If these nearby support levels can be sustained, there is reason to suspect that SHIB/USD may be able to initiate another cycle of upward momentum. The broad cryptocurrency market also posted solid gains last week without violent reversals lower.
If SHIB/USD can break above the 0.00002800 level, cautious traders may want to try to jump on board the short-term trend and aim for profit levels near 0.00002850 and possibly even 0. ,00002875 and more. Conservative amounts of leverage should be carefully considered when trading SHIB/USD due to its fractional values and ability to provide significant “value for money”. Some traders may want to wait for downside reversals to be demonstrated before buying SHIB/USD and this is also a viable technique to enter the market.
The short term could become rather volatile for SHIB/USD. The recent consolidation is unlikely to continue and a breakout could develop sooner rather than later. SHIB/USD remains one of the “darlings” of the speculative cryptocurrency world. The fact that the jittery sentiment that dominated the vast digital asset market for six months may be starting to fade could draw more speculators to Shiba Inu.
Shiba Inu Coin Short Term Outlook:
Current Resistance: 0.00002805
Current support: 0.00002704
High target: 0.00002933
Low target: 0.00002675