SHIB/USD bounced to short-term highs on Sunday and early this morning, but its move higher has shown signs of a lower trajectory in the past couple of hours.
SHIB/USD fell to new lows on Saturday. as the onslaught in the broad cryptocurrency market produced widespread panic. As bad as things got early this weekend, SHIB/USD has not fallen through its lower values of late September 2021. While optimists may try to point to this feat of not falling to long term lows like its major counterparts as an accomplishment, Shiba Inu has still sustained substantial losses. The low of nearly 0.00000710 this weekend shows the bearish trend is still forcefully causing problems.
In later trading last night SHIB/USD did climb to a ratio of nearly 0.00000823. However this move upwards has seemingly hit gravity and SHIB/USD has moved lower, and is now hovering below the fractional level of 0.00000800. Speculators of Shiba Inu must understand that SHIB/USD is purely a wager on behavioral sentiment within the broad cryptocurrency market. Clearly after this weekend’s fall to new lows for the likes of Bitcoin and Ethereum, fragile conditions persist.
Yes, a move higher was attained in the past day, but most traders likely remain skeptics and concerned regarding what is going to happen near term. While SHIB/USD certainly reversed off of Saturday’s lows, it did start to test marks seen in late September of 2021 when it was hitting bottom during this weekend’s early selling mayhem. If current support levels continue to prove vulnerable it is completely realistic to imagine SHIB/USD could fall below the 0.00000700 juncture. Timing the market remains an extremely difficult task.
Because of the fractional and fast paced trading within SHIB/USD bettors are urged to use entry price targets to ignite trades. The broad market conditions may prove to be very choppy at best in the coming days. The move higher in the past day can be viewed as a potential ‘dead cat bounce’, meaning that the market has reversed higher and may attract speculators on the buy side only to watch SHIB/USD and other cryptocurrencies to fall in value once again.
Traders who have survived this past weekend’s carnage and can still speculate may want to try and sell SHIB/USD on moves higher. This tactic means that traders should wait for technical resistance levels to prove durable and launch their selling positions from the higher levels. If SHIB/USD struggles to surpass the 0.00000800 juncture in the short term, it could be a sign that another stronger downturn will ensue.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00000823
Current Support: 0.00000753
High Target: 0.00000857
Low Target: 0.00000710