Shiba Inu Coin – Daily Tech Analysis – November 16th, 2021

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Published: Nov 16, 2021, 00:26 UTC

Following a modest gain on Monday, a move back through to $0.000055 levels would be needed to support a run at $0.000060 levels.

Shiba Inu Coin

Shiba Inu Coin rose by 0.53% on Monday. Following a 2.88% gain on Sunday, Shiba Inu Coin ended the day at $0.00005344.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00005230 before making a move.

Steering clear of the first major support level at $0.0000510, Shiba Inu Coin rallied to a late afternoon intraday high $0.00005600.

Coming up against the first major resistance level at $0.0000559, Shiba Inu Coin fell back to end the day at sub-$0.000054 levels.

At the time of writing, Shiba Inu Coin was down by 2.28% to $0.00005222. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005351 before falling to a low $0.0005138.

Shiba Inu Coin tested the first major support level at $0.00005180 early on.

For the day ahead

Shiba Inu Coin would need to move through the $0.0000539 pivot to bring the first major resistance level at $0.0000555 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 first major resistance level and Monday’s high $0.000056 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000060 levels before any pullback. Shiba Inu Coin would need plenty of support, however, to breakout from the 38.2% FIB of $0.0000568. The second major resistance level sits at $0.0000576.

Failure to move through the $0.0000539 pivot would bring the first major support level at $0.0000518 back into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000500 levels. The second major support level at $0.0000502 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000518

Pivot Level: $0.0000539

First Major Resistance Level: $0.0000555

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.