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Shiba Inu Coin – Daily Tech Analysis – November 9th, 2021

By:
Bob Mason
Published: Nov 9, 2021, 00:29 UTC

After another bearish day on Monday, the Shiba Inu Coin will need to break back through the 38.2% FIB to avoid a 4th consecutive day in the red.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin fell by 3.04% on Monday. Following a 2.93% loss on Sunday, Shiba Inu Coin ended the day at $0.00005520.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00005274 before making a move.

Shiba Inu Coin fell through the 38.2% FIB of $0.0000568 and the first major support level at $0.0000553.

The sell-off saw Shiba Inu Coin also briefly fall through the second major support level at $0.00000537.

Finding mid-morning support, however, Shiba Inu Coin broke back through the 38.2% FIB to strike a late morning intraday day high $0.00005907.

Coming up against the first major resistance level at $0.0000591, however, Shiba Inu Coin slid back through the 38.2% FIB to end the day at $0.000055 levels.

At the time of writing, Shiba Inu Coin was up by 1.70% to $0.00005614. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00005490 before rising to a high $0.00005618.

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

SHIBUSD 091121 Hourly Chart

For the day ahead

Shiba Inu Coin would need to avoid a fall back through the $0.0000557 pivot to bring the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000586 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000058 levels.

Barring another extended crypto rally, the first major resistance level and Monday’s high $0.00005907 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test the second major resistance level at $0.0000620 before any pullback.

A fall back through $0.0000557 pivot would bring the first major support level at $0.0000523 into play. Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000493.

Looking at the Technical Indicators

First Major Support Level: $0.0000523

Pivot Level: $0.0000557

First Major Resistance Level: $0.0000586

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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