Shiba Inu Coin – Daily Tech Analysis – November 11th, 2021

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Published: Nov 11, 2021, 00:23 UTC

After a 5th consecutive daily loss, a move back through to $0.000055 levels would be needed to avoid a 6th day in the red.

Shiba Inu Coin

Shiba Inu Coin slid by 8.31% on Wednesday. Following a 0.58% loss on Tuesday, Shiba Inu Coin ended the day at $0.00005031.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00005525 before hitting reverse

Shiba Inu Coin fell short of the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000578.

The reversal saw Shiba Inu Coin slide to a late intraday low $0.00004595.

Shiba Inu Coin fell through the first major support level at $0.0000526 and the second major support level at $0.0000504.

Steering clear of the third major support level at $0.0000452, however, Shiba Inu Coin ended the day at $0.000050 levels.

The second major support level at $0.0000504 pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down by 1.01% to $0.00004980 A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005049 before falling to a low $0.00004976.

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 $0.00005050 pivot to bring the first major resistance level at $0.0000551 and the 38.2% FIB of $0.0000568 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000055 levels.

Barring another extended crypto rally, the 38.2% FIB would likely cap the upside

In the event of a breakout, Shiba Inu Coin could test resistance at $0.000060 levels before any pullback. The second major resistance level sits at $0.0000598.

Failure to move through $0.0000505 pivot would bring the first major support level at $0.0000458 into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000040 levels. The second major support level at $0.0000412 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000458

Pivot Level: $0.0000505

First Major Resistance Level: $0.0000551

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.