SHIB/USD: Potential Speculative Buying Possibly Increasing – 24 March 2022
SHIB/USD is near short term highs, and though it has seen a slight reversal lower the cryptocurrency maintains a solid stance and may be ready to ignite higher.
SHIB/USD has begun to challenge resistance levels, and the price action in the cryptocurrency suggests that speculative forces may be gathering on the buy side. As of this writing, SHIB/USD is trading near the 0.00002460 level, and in late trading yesterday Shiba Inu did surpass the 0.00002500 juncture. Having reversed slightly lower may cause skeptics to believe the recent upwards momentum will prove short lived, but technically the current trading within SHIB/USD appears different.
The broad cryptocurrency market has shown signs of shaking off nervous sentiment and major cryptocurrencies are near resistance levels which are important. Yes, SHIB/USD did trade above the 0.00002550 mark on the 19th of March and fell to nearly 0.00002225 on the 21st. However, the ability of SHIB/USD to bounce back suggests that the latest buying demonstrated in the cryptocurrency may believe the high produced five days ago has a chance to be challenged near term.
If SHIB/USD can maintain current support levels and not fall below the 0.00002405 ratio, the cryptocurrency may be ready to ignite higher. Short term trading will certainly remain speculative and if nervous selling develops in the broad cryptocurrency sphere this could spell trouble for Shiba Inu too. However, SHIB/USD is now one of the more attractive darlings among cryptocurrency bettors, and its upward movement and ability early today to hold onto value suggest an additional wave could be displayed sooner rather than later.
Conservative speculators of SHIB/USD – if any exists – may want to wait for the 0.00002500 mark to be penetrated higher and values sustained for a strong duration before launching their buying positions. However, bullish traders may be better off buying SHIB/USD on dips which occur that test nearby support levels. Entry price orders are needed when trading SHIB/USD at all times because of its rather volatile and fractional trading.
In the near term, speculating on upside in SHIB/USD may prove worthwhile. Traders looking for quick hitting outcomes may have to practice a degree of patience to capture their targets. Stop loss orders should be used at all times by Shiba Inu speculators, particularly if they are using leverage when pursuing SHIB/USD.
Current Resistance: 0.00002492
Current Support: 0.00002424
High Target: 0.00002562
Low Target: 0.00002325