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Shiba Inu Coin – Daily Tech Analysis – December 2nd, 2021

By:
Bob Mason
Published: Dec 2, 2021, 00:49 UTC

Following Wednesday's pullback, failure to move back through to $0.000045 levels would deliver another heavy loss...

Russia Moscow 24.06.2021 Logo of Shiba Inu in tablet. Cryptocurrency token SHIB. Trading blockchain platform to buy,sell on decentralized exchange DEX. Digital money.Business,investing

Shiba Inu Coin

Shiba Inu Coin slid by 6.99% on Wednesday. Reversing a 4.81% rally from Tuesday, Shiba Inu Coin ended the day at $0.00004416.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00004883 before hitting reverse. Falling short of the first major resistance level at $0.0000534, Shiba Inu Coin slid to a late intraday low $0.00004355.

Steering clear of the first major support level at $0.0000424, however, Shiba Inu Coin moved back through to $0.000044 levels to limit the damage.

At the time of writing, Shiba Inu Coin was down by 2.92% to $0.00004287. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004425 before falling to a low $0.00004256.

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

SHIBUSD 021221 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the $0.0000455 pivot to bring the first major resistance level at $0.0000475 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from $0.000045 levels. Barring another extended crypto rally, the first major resistance level and Wednesday’s high $0.00004883 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000508.

Failure to move through the $0.0000455 pivot would bring the first major support level at $0.0000422 into play. Barring an extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000040 levels. The second major support level at $0.0000402 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: $0.0000422

Pivot Level: $0.0000455

First Major Resistance Level: $0.0000475

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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