Shiba Inu Coin – Daily Tech Analysis – November 2nd, 2021

Shiba Inu Coin

Shiba Inu Coin rallied by 6.79% on Monday. Following a 2.60% gain on Sunday, Shiba Inu Coin ended the day at $0.00007156.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00006576 before making a move.

Steering clear of the first major support level at $0.0000602, Shiba Inu Coin rallied to an early morning intraday high $0.00007494.

Shiba Inu Coin broke through the 23.6% FIB of $0.00006897 and the first major resistance level at $0.0000717.

Through the mid-morning, Shiba Inu Coin briefly fell back through the first major resistance level and 23.6% FIB.

Finding afternoon support, however, Shiba Inu Coin broke back through the 23.6% FIB and the first major resistance level to end the day at $0.0000715 levels.

At the time of writing, Shiba Inu Coin was down by 0.91% to $0.00007091. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00007203 before falling to a low $0.00007080.

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

For the day ahead

Shiba Inu Coin would need to avoid a fall through the $0.0000708 pivot to bring the first major resistance level at $0.0000757 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from Monday’s high $0.00007494.

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 $0.0000799.

A fall through the $0.0000708 pivot would bring the 23.6% FIB of $0.00006897 and the first major support level at $0.0000666 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000060 levels. The second major support level at $0.0000616 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000666

Pivot Level: $0.0000708

First Major Resistance Level: $0.0000757

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