Shiba Inu Coin – Daily Tech Analysis – November 5th, 2021

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Updated: Nov 5, 2021, 06:50 UTC

After another day in the deep red, Shiba Inu Coin would need to return to $0.00005 levels else fall back to sub-$0.00004 levels.

Shiba Inu Coin

Shiba Inu Coin slid by 10.99% on Thursday. Following a 19.84% tumble on Wednesday, Shiba Inu Coin ended the day at $0.00004941.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000610 before hitting reverse.

While falling short of the first major resistance level at $0.0000656, Shiba Inu Coin broke through the 38.2% FIB of $0.0000568.

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The reversal, however, saw Shiba Inu Coin slide to a late afternoon intraday low $0.00004313.

Shiba Inu Coin fell through the first major support level at $0.0000492 and the second major support level at $0.0000428.

The extended sell-off also saw Shiba Inu Coin fall back through the 38.2% FIB of $0.0000568.

Finding late support, however, Shiba Inu Coin broke back through the major support levels to end the day at $0.0000494 levels.

At the time of writing, Shiba Inu Coin was down by 2.61% to $0.00004812. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00004940 to a low $0.00004766.

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

For the day ahead

Shiba Inu Coin would need to move through the $0.0000512 pivot to bring the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000592 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 38.2% FIB.

Barring another extended crypto rally, the first major resistance level and resistance at $0.000060 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at the 23.6% FIB of $0.00006897 and the second major resistance level at $0.0000691.

Failure to move through the $0.0000512 pivot would bring the first major support level at $0.0000414 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of the 62% FIB of $0.0000370. The second major support level sits at $0.00003330.

Looking at the Technical Indicators

First Major Support Level: $0.0000414

Pivot Level: $0.0000512

First Major Resistance Level: $0.0000592

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.