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