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Shiba Inu Coin – Daily Tech Analysis – October 17th, 2021

By:
Bob Mason
Updated: Oct 18, 2021, 07:27 GMT+00:00

Following Saturday's partial recovery, Shiba Inu will need to return to $0.000026 levels to avoid a reversal.

shiba inu

Shiba Inu

Shiba Inu rose by 1.86% on Saturday. Partially reversing an 8.06% slide from Friday, Shiba Inu ended the day at $0.00002571.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002470 before making a move.

Steering clear of the 38.2% FIB of $0.00002387 and the first major support level at $0.0000232, Shiba Inu rose to a mid-morning intraday high $0.000002659.

Falling short of the first major resistance level at $0.0000274, however, Shiba Inu fell back to end the day at $0.000025 levels.

At the time of writing, Shiba Inu was down by 0.66% to $0.00002554. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002573 before falling to a low $0.00002554.

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

SHIBUSD 171021 Hourly Chart

For the day ahead

Shiba Inu would need to move back through the $0.0000257 pivot to bring the first major resistance level at $0.0000266 into play.

Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000026 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.00002659 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at the 23.6% FIB of $0.00002831 before any pullback. The second major resistance level sits at $0.00002750.

Failure to move back through the $0.0000257 pivot would bring the first major support level at $0.0000247 into play.

Barring an extended sell-off, however, Shiba Inu should avoid sub-$0.000023 levels. The 38.2% FIB of $0.00002387 and the second major support level at $0.0000238 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000247

Pivot Level: $0.0000257

First Major Resistance Level: $0.0000266

23.6% FIB Retracement Level: $0.00002831

38.2% FIB Retracement Level: $0.00002387

62% FIB Retracement Level: $0.00001668

Please let us know what you think in the comments below.

Thanks, Bob

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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