Shiba Inu Coin – Daily Tech Analysis – November 7th, 2021

Shiba Inu Coin

Shiba Inu Coin fell by 6.34% on Saturday. Partially reversing a 26.76% surge from Friday, Shiba Inu Coin ended the day at $0.00005865.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00006318 before hitting reverse.

Falling short of the first major resistance level at $0.0000703, Shiba Inu Coin slid to a late morning intraday low $0.00005499.

While steering clear of the first major support level at $0.0000502, Shiba Inu Coin briefly fell through the 38.2% FIB of $0.0000568.

Finding early afternoon support, Shiba Inu Coin revisited $0.000061 levels before falling back into the deep red.

Late in the day, the 38.2% FIB of $0.0000568 limited the downside.

At the time of writing, Shiba Inu Coin was down by 1.26% to $0.00005791. a mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005874 before falling to a low $0.00005786.

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 $0.0000589 pivot to bring the first major resistance level at $0.0000629 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000060 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 $0.000070 levels before any pullback. The second major resistance level sits at $0.0000671. Shiba Inu Coin would need plenty of support, however, to break out from the 23.6% FIB of $0.00006897.

Failure to move through the $0.0000589 pivot would bring the 38.2% FIB of $0.0000568 and the first major support level at $0.0000547 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 $0.0000508 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000547

Pivot Level: $0.0000589

First Major Resistance Level: $0.0000629

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700