Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021

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Published: Dec 6, 2021, 00:43 UTC

It's been a bearish start to the day for Shiba Inu Coin. A move back through to $0.000037 levels, however, would support a return to $0.000040 levels.

Shiba Inu Coin

Shiba Inu Coin fell by 0.47% on Sunday. Following a 9.92% slide on Saturday, Shiba Inu Coin ended the week down by 7.38% to $0.00003626.

A mixed morning saw Shiba Inu Coin rise to an early morning intraday high $0.00003833 before hitting reverse. While falling short of the first major resistance level at $0.0000413, Shiba Inu Coin briefly broke through the 62% FIB of $0.000037.

The reversal, however, saw Shiba Inu Coin fall to a mid-afternoon intraday low $0.00003424.

Steering clear of the first major support level at $0.0000308, Shiba Inu Coin found late support to end the day at $0.000036 levels.

At the time of writing, Shiba Inu Coin was down by 3.94% to $0.00003483. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00003630 to a low $0.00003466.

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 $0.0000363 pivot and the 62% FIB of $0.000037 to bring the first major resistance level at $0.0000383 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 Sunday’s high $0.00003833 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 $0.0000404.

Failure to move through the $0.0000363 pivot would bring the first major support level at $0.0000342 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000300 levels. The second major support level at $0.0000322 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: $0.0000342

Pivot Level: $0.0000363

First Major Resistance Level: $0.0000383

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.