SHIB/USD apparently attracted a healthy amount of speculative fuel the past ten days and reached a solid short term high on the 26th of June.
SHIB/USD hit a high of approximately 0.00001209 on the 26th of June as speculative buying drove the cryptocurrency upwards. On the 18th of June SHIB/USD was near a depth of 0.00000715. The ability of Shiba Inu to deliver fast results upwards obviously tantalized speculators the past week and half of trading. However, the move higher for SHIB/USD still could prove to be short lived. As of this writing SHIB/USD has sunk to a depth of nearly 0.00000985.
The broad cryptocurrency market is displaying signs of nervousness, and many of the major digital assets have tumbled in value early this morning. After being able to achieve higher prices a few days ago many of the bigger cryptocurrencies began to see incremental selling, and late last night downwards price velocity got quicker, including SHIB/USD.
The momentary rays of upwards sunshine were likely enjoyed by speculative bulls that were able to cash out profits at the short term highs a few days ago. However, SHIB/USD like the broad cryptocurrency market remains locked in a long term bearish trend and the purely speculative nature of Shiba Inu makes it an interesting barometer of behavioral sentiment. If the broad cryptocurrency market is about to return to another wave of powerful selling, there are plenty of reasons to believe SHIB/USD will not escape this fate.
If SHIB/USD breaks below the 0.00000929 level, another swift round of selling could be ignited. Sellers who want to participate in SHIB/USD need to use entry price orders so their fills meet expectations. Traders also need to use stop loss protection, particularly if they are using leverage which is absurd. Speculators who believe targeting lower depths for SHIB/USD cannot be faulted, and if the 0.00000900 is proven vulnerable and the broad cryptocurrency market grows volatile, SHIB/USD will certainly follow in these footsteps.
Selling SHIB/USD appears to be a worthwhile bet near term. Wagering on SHIB/USD should be done with caution. However, if selling conditions are sparked with large and fast volumes among the major cryptocurrencies again, there is reason to suspect support levels for SHIB/USD will continue to produce vulnerability and lower values for this purely speculative cryptocurrency which depends on behavioral sentiment to maintain its status.
Current Resistance: 0.00001028
Current Support: 0.00000929
High Target: 0.00001111
Low Target: 0.00000788