Shiba Inu Coin – A Move Through $0.000038 would Support a Breakout

This is the tech analysis for Shiba Inu Coin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s.

Shiba Inu Coin

Shiba Inu Coin rallied by 6.18% on Sunday. Following a 2.93% gain on Saturday, Shiba Inu Coin ended the week up by 0.91% to $0.00003659.

A mixed start to the day saw Shiba Inu Coin fall to a late morning intraday low $0.0000338 before making a move. Steering clear of the first major support level at $0.0000334, Shiba Inu Coin rallied to a late afternoon intraday high $0.00003787.

Shiba Inu Coin broke through the first major resistance level at $0.0000353 and the second major resistance level at $0.0000361.

Significantly, Shiba Inu Coin also broke through the 62% FIB of $0.000037 before falling back to sub-$0.0000361 levels. Finding late support, however, Shiba Inu Coin revisited $0.0000373 levels before easing back. Late in the day, resistance at the 62% FIB pegged Shiba Inu Coin back.

At the time of writing, Shiba Inu Coin was down by 2.46% to $0.00003569. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00003685 to a low $0.00003537.

Shiba Inu Coin left the major support and resistance levels untested early on.

For the day ahead

Shiba Inu Coin would need to move back through the $0.0000361 pivot to bring the 62% FIB of $0.000037 and the first major resistance level at $0.0000384 into play.

Support from the broader market would be needed, however, would be needed for a break out from Sunday’s high $0.00003787. Barring an extended crypto rally, the first major resistance level would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000402.

Failure to move back through the $0.0000361 pivot would bring the first major support level at $0.0000343 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000320.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000343

Pivot Level: $0.0000361

First Major Resistance Level: $0.0000384

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700