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Shiba Inu Coin – Daily Tech Analysis – November 21st, 2021

By:
Bob Mason

It was a bearish start to the weekend for Shiba Inu Coin. A move back through to $0.000050 levels, however, would give the bulls a run at $0.000057 levels.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin fell by 1.75% on Saturday. Partially reversing a 14.15% breakout from Friday, Shiba Inu Coin ended the day at $0.0000477.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00005006 before hitting reverse.

Falling short of the first major resistance level at $0.0000533, Shiba Inu Coin slid to a mid-afternoon intraday low $0.00004560.

Steering clear of the first major support level at $0.0000428, however, Shiba Inu Coin revisited $0.000048 levels before easing back.

At the time of writing, Shiba Inu Coin was down by 0.67% to $0.00004738. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004777 before falling to a low $0.00004732.

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

SHIBUSD 211121 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the $0.0000478 pivot to bring the first major resistance level at $0.0000500 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000049 levels.

Barring another extended crypto rally, the first major resistance level and Saturday’s high $0.0000506 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the resistance at the 38.2% FIB of $0.0000568. The second major resistance level sits at $0.0000522.

Failure to move through the $0.0000478 pivot would bring the first major support level at $0.0000455 into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000433.

Looking at the Technical Indicators

First Major Support Level: $0.0000455

Pivot Level: $0.0000478

First Major Resistance Level: $0.0000500

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.

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