SHIB/USD: Recent Consolidation May Attract More Speculation – 31 March 2022
SHIB/USD appears to have gone into a brief consolidated stance following a strong run higher three days ago, and the current range for Shiba Inu may be attractive.
SHIB/USD has traded upwards since the 15th of March and has in many respects mirrored the results of the broad cryptocurrency market. On the 28th of March SHIB/INU did rush to highs not seen since the 17th of February, hitting a ratio of nearly 0.00002965. After attaining this high a few days ago, Shiba Inu did reverse lower and selloff to around the 0.00002616 mark.
Intriguingly for speculators of SHIB/USD has been the seemingly technical ability to consolidate the past couple of days. Shiba Inu can be extremely volatile because of its fractional trading and its stated purpose of being a speculative cryptocurrency with no utilitarian use except to wager. However, as a barometer of sentiment within the broad cryptocurrency market SHIB/USD does provide traders with an opportunity to demonstrate what they believe 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 juncture and could prove important psychologically. Due to the consolidated short term range in SHIB/USD the past two days, support near the 0.00002750 to 0.00002725 marks should be monitored. If these nearby support levels can be sustained, there is reason to suspect SHIB/USD may be able to ignite another round of upwards momentum. The broad cryptocurrency market has also put in solid gains the past week without violent reversals lower.
If SHIB/USD can break above the 0.00002800 level, cautious traders may want to try and jump aboard the short term trend and aim for take profit levels near 0.00002850 and perhaps even 0.00002875 and above. Conservative amounts of leverage need to be carefully considered when trading SHIB/USD because of its fractional values and ability to deliver a large ‘bang for the buck’. Some traders may want to wait for reversals lower to be demonstrated before buying SHIB/USD and this is a viable technique to enter the market too.
The near term may become rather volatile for SHIB/USD. The recent consolidation is unlikely to remain and a breakout may develop sooner rather than later. SHIB/USD remains one of the ‘darlings’ of the cryptocurrency speculative world. The fact that nervous sentiment which has dominated the broad digital asset market for six month may be starting to vanish could attract more speculators to Shiba Inu.
Current Resistance: 0.00002805
Current Support: 0.00002704
High Target: 0.00002933
Low Target: 0.00002675