Following Sunday's late rally, a move back through to $0.000029 levels would signal another breakout...
Shiba Inu Coin rallied by 8.10% on Sunday. Following a 1.86% gain on Saturday, Shiba Inu Coin ended the week up by 6.11% to $0.00002777.
A mixed start to the day saw Shiba Inu Coin fall to a late intraday low $0.00002370 before making a move.
Shiba Inu Coin fell through the first major support level at $0.0000247 and the 38.2% FIB of $0.00002387.
A late rally, however, saw Shiba Inu Coin surge to a late intraday high $0.000002901 before easing back.
Shiba Inu Coin broke through the first major resistance level at $0.0000266 and the second major resistance level at $0.0000276.
The breakout also saw Shiba Inu Coin break back through the 38.2% FIB and through the 23.6% FIB of $0.00002831.
A late pullback, however, saw Shiba Inu Coin fall back through the 23.6% FIB to end the day at sub-$0.000028 levels.
Late in the day, the second major resistance level at $0.0000276 provided support.
At the time of writing, Shiba Inu Coin was down by 3.64% to $0.00002676. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002798 before falling to a low $0.00002670.
Shiba Inu Coin left the major support and resistance levels untested early on.
Shiba Inu Coin would need to move back through the $0.00002680 pivot to bring the first major resistance level at $0.00003000 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break out form the 23.6% FIB of $0.00002831.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.00002901 would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance at $0.000033 levels before any pullback. The second major resistance level sits at $0.00003210.
Failure to move back through the $0.00002680 pivot would bring the first major support level at $0.00002460 into play.
Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.00002150. The 38.2% FIB of $0.00002387 should limit the downside.
First Major Support Level: $0.00002460
Pivot Level: $0.00002680
First Major Resistance Level: $0.00003000
23.6% FIB Retracement Level: $0.00002831
38.2% FIB Retracement Level: $0.00002387
62% FIB Retracement Level: $0.00001668
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Thanks, Bob
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.