Shiba Inu Coin – Daily Tech Analysis – November 1st, 2021

By:

Updated: Nov 1, 2021, 08:20 UTC

After a bullish week, a move back through to $0.000070 levels would be needed to support a run at last week's ATH $0.00008872.

Shiba Inu Coin

Shiba Inu Coin rose by 2.60% on Sunday. Partially reversing a 12.79% slide from Saturday, Shiba Inu Coin ended the week up by 84.94% to $0.00006703.

After a mixed start to the day, Shiba Inu Coin fell to an early afternoon intraday low $0.00005814 before making a move.

Start Trading Shiba Inu now with eToro

Finding support at the first major support level at $0.0000586, Shiba Inu Coin rose to a late afternoon intraday high $0.00006962.

While falling short of the first major resistance level at $0.0000751, Shiba Inu Coin broke through the 23.6% FIB of $0.00006897 before easing back to sub-$0.000068 levels.

At the time of writing, Shiba Inu Coin was down by 0.46% to $0.00006672. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00006726 before falling to a low $0.00006576.

Shiba Inu Coin left the major support and resistance levels untested early on.

For the day ahead

Shiba Inu Coin would need to avoid the $0.0000649 pivot to bring the 23.6% FIB of $0.00006897 to bring the first major resistance level at $0.0000717 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000070 levels.

Barring another extended crypto rally, the first major resistance level would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000080 levels before any pullback. The second major resistance level sits at $0.0000764.

A fall through the $0.0000649 pivot would bring the first major support level at $0.0000602 and the 38.2% FIB of $0.0000568 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The second major support level at $0.0000535 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000602

Pivot Level: $0.0000649

First Major Resistance Level: $0.0000717

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

Please let us know what you think in the comments below.

Thanks, Bob

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.