Following Thursday's rebound, avoiding the day's pivot would be key to supporting a run at $0.000070 levels.
Shiba Inu Coin jumped by 12.47% on Thursday. Reversing an 8.31% slide from Wednesday, Shiba Inu Coin ended the day at $0.00005656.
A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00004836 before making a move.
Steering clear of the first major support level at $0.0000458, however, Shiba Inu Coin rallied to an early afternoon intraday high $0.00005798.
Shiba Inu Coin broke through the first major resistance level at $0.0000551 and the 38.2% FIB of $0.0000568.
A mid-afternoon pullback, however, saw Shiba Inu Coin fall back to sub-$0.000054 levels before finding support.
Late in the day, Shiba Inu Coin broke back through the first major resistance level to end the day at $0.000056 levels.
The 38.2% FIB of $0.0000568 pegged Shiba Inu Coin back late in the day.
At the time of writing, Shiba Inu Coin was down by 1.41% to $0.00005576 A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005699 before falling to a low $0.00005556.
While leaving the major support and resistance levels untested, Shiba Inu Coin briefly broke back through the 38.2% FIB of $0.0000568.
Shiba Inu Coin would need to avoid the $0.0000543 pivot to bring the 38.2% FIB and the first major resistance level at $0.0000602 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break out from Thursday’s high $0.00005798.
Barring another extended crypto rally, the first major resistance would likely cap the upside
In the event of a breakout, Shiba Inu Coin could test resistance at $0.000070 levels before any pullback. The second major resistance level sits at $0.0000639.
A fall through $0.0000543 pivot would bring the first major support level at $0.0000506 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000447.
First Major Support Level: $0.0000506
Pivot Level: $0.0000543
First Major Resistance Level: $0.0000602
23.6% FIB Retracement Level: $0.00006987
38.2% FIB Retracement Level: $0.00005680
62% FIB Retracement Level: $0.00003700
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.