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Shiba Inu Coin – Daily Tech Analysis – December 4th, 2021

By:
Bob Mason
Published: Dec 4, 2021, 00:53 UTC

Following a 3rd consecutive day in the red on Friday, a move back through to $0.000045 levels would be needed to avoid a 4th day in the red.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin fell by 4.22% on Friday. Following a 4.39% loss on Thursday, Shiba Inu Coin ended the day at $0.00004043.

After a mixed morning, Shiba Inu Coin rose to a mid-day intraday high $0.00004489 before hitting reverse. Shiba Inu Coin broke through the first major resistance level at $0.0000440 before sliding to a late intraday low $0.00003897.

Shiba Inu Coin fell through the first major support level at $0.0000407 and the second major support level at $0.0000393. Steering clear of the 62% FIB of $0.000037, however, Shiba Inu Coin broke back through the second major support level to end the day at $0.000040 levels. The first major support level at $0.0000407 pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down by 2.05% to $0.00003960. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004054 before falling to a low $0.00003946.

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

SHIBUSD 041221 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the $0.0000414 pivot to bring the first major resistance level at $0.0000439 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break out from $0.000042 levels. Barring an extended crypto rally, the first major resistance level and Friday’s high $0.0004489 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000474.

Failure to move through the $0.0000414 pivot would bring the first major support level at $0.0000380 into play. Barring an extended sell-off, however, Shiba Inu Coin should the second major support level at $0.0000355. The 62% FIB of $0.000037 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: $0.0000380

Pivot Level: $0.0000414

First Major Resistance Level: $0.0000439

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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