Slight gains with consolidated gradual rise
SHIB/USD has made slight gains in recent days, but its trading has lacked a huge upside move even as additional value has been added.
SHIB/USD remains in the lower areas of its medium-term price range, but the past two days have seen the cryptocurrency gradually gain. However, since Shiba Inu moves in fractions of a penny, gains in the consolidated range don’t amount to much if a trader pays large transaction fees for the right to trade SHIB/INU. Small moves probably need to have rather speculative leverage coupled with a buy position for the results to be worthwhile.
Thus, the smaller gains produced over the past couple of days may turn out to be a case of “fool’s gold” if a trader is too conservative with SHIB/USD. This knowledge could also prove dangerous as traders should definitely not exceed the amount of money they bet on Shiba Inu. SHIB/USD remains potentially volatile and while the cryptocurrency has seemingly produced some polished results over the past few days, a sudden rise or fall is sure to happen sooner rather than later.
Patience and a speculative nature are required at this time to trade SHIB/USD. The slight gains the cryptocurrency has made in recent days may be signs that traders are boarding Shiba Inu in an attempt to catch the next rocket higher. However, if the current incremental gains disappear and the consolidation suddenly reverses, SHIB/USD’s recent move could prove to be a trap and a costly mistake for bullish traders caught in another bearish trajectory.
The broad cryptocurrency market has shown signs of life over the past two days and SHIB/USD is a strong barometer of risk sentiment among traders. The upward move that has been displayed should come with a warning sign, however, as significant resistance has yet to be breached by SHIB/USD and its major crypto peers.
If SHIB/USD can break above the 0.00002200 level, traders should remain cautious. Even if this slightly higher value is reversed, 0.00002500 is still the price that could trigger a signal that the medium-term downtrend may be eroding. Until then, short-term bullish traders should remain tactical and only look for quick moves higher.
Skeptics who think SHIB/USD is consolidating and signaling that another selloff is about to occur may turn out to be right.. Traders tempted to sell SHIB/USD should also be cautious and ensure that 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