SHIB/USD has suffered a decline in value the past week of trading. Shiba Inu has correlated rather significantly with the cryptocurrency market and remains a looking glass potentially into behavioral sentiment for digital assets. Shiba Inu remains a pure speculative token for wagers to be made regarding the direction of its value, but as a major cryptocurrency with a ranking as the 14th biggest regarding market capitalization it serves as a technical beacon possibly.
Yesterdays trading in SHIB/USD did touch interesting lows slightly above the 0.00002300 realm, but it managed to hold this support barrier and did not reach into the lower price range seen on the 22nd and 24th of January. This consideration can be viewed in two different types of ways by technical traders.
The first possibility is that SHIB/USD remains a speculative favorite of the crypto world so its traders are more open to holding it and not getting involved in panic selling when things turn downward for the digital asset world. Or second, there is the potential backers of SHIB/USD have remained diligent, but could be faced with a more violent selling mode, which could still cause Shiba Inu to challenge lower depths seen only a month ago.
Current value for SHIB/USD does put it within the middle of its short-term price range based on a five-day outlook. The broad cryptocurrency market has staged a bit of a reversal higher the past day, but values remain dangerously close to support levels which if proven vulnerable could create more selling if nervous sentiment escalates. SHIB/USD remains a prime volatile cryptocurrency and one that must be treated carefully by speculators who want to wager on its price.
If SHIB/USD fails to break above the 0.00002605 ratio in the near term, this may prove to be a negative signal. Traders that believe Shiba Inu has been oversold and can be bought based on the belief a sudden move higher is going to develop need to use a careful amount of leverage and be patient. This means traders who are long, may need to hold onto positions longer than they expected.
Traders that remain skeptical about SHIB/USD and the broad cryptocurrency market in the near term may look to remain sellers, by taking advantage of slight moves higher and then igniting their short positions. The support level of 0.00002500 should be watched, if it fails to hold and is broken lower SHIB/USD could face more selling pressure.
Shiba Inu Coin Short-Term Outlook
Current Resistance: 0.00002598
Current Support: 0.00002509
High Target: 0.00002640
Low Target: 0.00002407
