SHIB/USD has lived up to its title as a volatile cryptocurrency speculative asset in the past couple of days, as volatility has been delivered with a fireworks display.
Day traders who pursue SHIB/USD need to understand the significance of volatility that can impact their trading accounts if they do not take the correct risk management tactics. Curiously SHIB/USD rocketed to a high of nearly 0.00003000 in early trading yesterday; it did this as most of the other major cryptocurrencies were actually suffering strong selloffs. The ability of SHIB/USD to deliver fireworks like demonstration higher when the broad cryptocurrency market was in the midst of a bearish selloff should not be discounted by any potential speculators.
That is not the end of the story however, SHIB/USD after hitting a value higher that had not been touched since the 17th of February began to fall in value. Traders should kindly note the fact that SHIB/USD trades in fractions of a cent, its moves are amplified because a small amount of money and a large amount of leverage can create dynamic results. In many respects it is a bit like wagering money in the casinos of Las Vegas or Monte Carlo. SHIB/USD fell to a low of nearly 0.00002510 after hitting yesterday’s high.
And there is more, before hitting the 0.00003000 mark yesterday, SHIB/USD had actually sank to a depth of 0.00002190. The last time SHIB/USD had traded at that depth was on the 18th of March. Essentially traders have to acknowledge that yesterday’s result saw a high not experienced in two months, and a low which had not been seen in approximately one month. The highs and lows accomplished in the one day of trading essentially produced about a 30% plus change in percentage of values.
If you want to trade SHIB/USD you should be ready for volatility near term. The ability of Shiba Inu to move like a roller coaster is not an overstatement. You need to use a price entry order to get a fill that meets expectations. If this precaution is not taken your starting point in a trade may leave you rather surprised because of the ability SHIB/USD has to deliver sudden spikes up and down.
Currently SHIB/USD is trading near 0.00002780, but you should check on the price and compare it to this narrative, because it will have most likely changed. If you want to wager, perhaps trying to capture downside momentum may be a reasonable bet, this as the broad cryptocurrency market continues to remain rather nervous.
Current Resistance: 0.00002788
Current Support: 0.00002642
High Target: 0.00002871
Low Target: 0.00002180