Shiba Inu Coin – A Move Through to $0.000037 Would Support a Run at $0.000040 – December 8th, 2021
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 fell by 1.39% on Tuesday. Reversing a 1.49% gain from Monday, Shiba Inu Coin ended the day at $0.0000363.
A bullish start to the day saw Shiba Inu Coin rise to a late morning intraday high $0.0000388 before hitting reverse. Shiba Inu Coin broke through the 62% FIB of $0.000037 and the first major resistance level at $0.0000385.
The reversal, however, saw Shiba Inu Coin fall back through first major resistance level and the 62% FIB to a late intraday low $0.00003566. Steering clear of the first major support level at $0.0000350, however, Shiba Inu Coin moved back through to $0.000036 levels to reduce the deficit.
At the time of writing, Shiba Inu Coin was up by 0.19% to $0.00003636. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003588 before rising to a high $0.00003639.
Shiba Inu Coin left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu Coin would need to move through the $0.0000369 pivot and the 62% FIB of $0.000037 to bring the first major resistance level at $0.0000382 into play.
Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break back through to $0.000038 levels. Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.0000388 would likely cap the upside
In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000040 levels. ธhe second major resistance level sits at $0.0000401.
Failure to move through the $0.0000369 pivot and the 62% FIB of $0.000037 would bring the first major support level at $0.0000350 into play. Barring another extended sell-off, however, Shiba Inu Coin should continue to avoid sub-$0.0000300 levels. The second major support level at $0.0000338 should limit the downside.
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: $0.0000350
Pivot Level: $0.0000369
First Major Resistance Level: $0.0000382
23.6% FIB Retracement Level: $0.00006987
38.2% FIB Retracement Level: $0.00005680
62% FIB Retracement Level: $0.00003700