After a bearish week for Shiba Inu Coin, a move back through to $0.000060 levels would support a breakout.
Shiba Inu Coin fell by 2.93% on Sunday. Following a 6.34% slide on Saturday, Shiba Inu Coin ended the week down by 15.05% to $0.00005694.
A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00005972 before hitting reverse.
Falling short of the first major resistance level at $0.0000629, Shiba Inu Coin slid to a late morning intraday low $0.0000559.
While steering clear of the first major support level at $0.0000547, Shiba Inu Coin briefly fell through the 38.2% FIB of $0.0000568.
Finding late morning support, Shiba Inu Coin revisited $0.000058 levels before falling back into the red.
In spite of the pullback, the 38.2% FIB of $0.0000568 limited the downside late in the day.
At the time of writing, Shiba Inu Coin was down by 5.11% to $0.00005403. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005737 before falling to a low $0.00005348
Shiba Inu Coin left fell through the 38.2% FIB of $0.0000568 and the first major support level at $0.0000553.
The second major support level at $0.0000537 limited the downside early on.
Shiba Inu Coin would need to back through the first major support level and the 38.2% FIB to bring the first major resistance level at $0.0000591 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break through the $0.0000575 pivot.
Barring another extended crypto rally, the first major resistance level at $0.000591 and Sunday’s high $0.00005972 would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance at $0.000060 levels before any pullback. The second major resistance level sits at $0.0000613.
Failure to move back through the first major support level at $0.0000553 and the 38.2% FIB of $0.0000568 and the second major support level at $0.0000537 back into play.
Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The third major support level sits at $0.0000499.
First Major Support Level: $0.0000553
Pivot Level: $0.0000575
First Major Resistance Level: $0.0000591
23.6% FIB Retracement Level: $0.00006987
38.2% FIB Retracement Level: $0.00005680
62% FIB Retracement Level: $0.00003700
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.