SHIB/USD: Important Resistance and Short Term Consolidation
SHIB/USD is within an intriguing price range early today as speculators make their decisions regarding potential direction as resistance appears alluring.
SHIB/USD traded towards important resistance in late trading yesterday only to be pushed back downwards. However, SHIB/USD remains tantalizing close to short term higher levels and it has produced an intriguing amount of technical resistance as it battles in a range consisting between 0.00002230 and 0.00002260.
Last week at this time SHIB/USD was trading higher and then sunk to a price near the 0.00002200 mark, until it staged a leg up on the 13th of March and tested highs near 0.00002340. SHIB/USD is fractionally traded and the ability to have a large amount of Shiba Inu bought at a relatively rock bottom cost makes it attractive for long term cryptocurrency speculators. The idea of purchasing SHIB/USD and tucking it away and seeing where its value is one year from now is attractive.
However day traders of SHIB/USD are looking to take advantage of the movements within the cryptocurrency quickly. A solid amount of risk management is necessary to make sure the small moves generated in SHIB/USD do not cause a devastating percentage change in value, which can empty a trading account quickly if too much leverage is used. The broad cryptocurrency market has been within a solid bearish trend the past five months and some traders have become shy expressing their bullish optimism.
Interestingly the past week of trading has produced rather solid support levels in the broad crypto world and SHIB/USD. It remains foolhardy to try and predict a true low for any type of financial asset regarding value, but traders who are glancing at SHIB/USD and believe the cryptocurrency is within the lower tier of it range and has room to traverse higher cannot be blamed. Speculative traders who like SHIB/USD because of its ability to create volatility with small price changes may look at short term charts and feel as if there is a chance for a reversal higher.
If current support levels are proven durable and the 0.00002240 to 0.000022300 levels remain solid in the short term, traders cannot be faulted for wanting to wager on upside movements. The ability for SHIB/USD to climb slightly higher and test realms near 0.00002275 to 0.00002285 is certainly not out of the question. If the broad cryptocurrency market among the major digital assets remains steady and gains near term, a move above 0.00002300 is not out of the question for Shiba Inu.
Current Resistance: 0.00002267
Current Support: 0.00002225
High Target: 0.00002290
Low Target: 0.00002212