Where have all the influencers gone?
SHIB/USD continued to linger near dangerous lows, and tested value yesterday, which won’t help the speculative bull fever to suddenly emerge.
SHIB/USD is trading near major lows and can’t seem to escape its downtrend. Shiba Inu trades in fractions of a penny. It is a highly speculative and dangerous cryptocurrency to speculate on, due to its ability to generate a supreme amount of volatility due to its percentage change in value. Like all major cryptocurrencies, SHIB/USD has suffered from the long-term downtrend and is struggling to find buyers.
At the height of its exuberance during the last week of October 2021, SHIB/USD traded near the 0.00008772 level. As of this writing Shiba Inu is trading close to 0.00001086, please don’t be fooled by all the numbers as SHIB/USD has lost a huge amount of money to speculators who have been attracted to buy near the highs. SHIB/USD is a purely speculative cryptocurrency, it has no utility value.
Only eight months ago, Shiba Inu was considered the crypto’s choice for speculative betting by many traders who were caught up in the belief that SHIB/USD could one day reach the potential one-cent level. Almost all Shiba Inu influencers are now gone. Many Shiba Inu supporters have scattered and most lack the courage to try to persuade the masses that SHIB/USD is a great buying opportunity. Because right now and probably in the near future, SHIB/USD is almost a worthless coin in many ways.
Believe it or not SHIB/USD according to CoinMarketCap is still on the 16the highest ranked cryptocurrency by market capitalization. This should indicate to speculators that a huge amount of tokens were created for Shiba Inu when he was ‘struck’. The technical chart for SHIB/USD still remains negative and it looks like a selling opportunity. However, traders will need to be extremely careful if betting on weaker momentum.
If SHIB/USD breaks below the 0.00001000 mark, there seems to be a legitimate chance that long-term lows will start to appear and strong selling momentum could break out. However, it is possible that the SHIB/USD backers who purchased the piece will continue to keep their Shiba Inu and decide to just go down with the ship, which could reduce the sell-off. Speculators who want to sell should definitely use entry level orders, take profit and stop loss tactics.
Shiba Inu Coin Short Term Outlook
Current resistance: 0.00001111
Current support: 0.00001063
High target: 0.00001195
Low target: 0.00000875