Shiba Inu Coin – Daily Tech Analysis – October 20th, 2021

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Published: Oct 20, 2021, 01:38 UTC

After Tuesday's pullback, failure to break back through the 23.6% FIB would bring support levels into play.

Shiba Inu Coin

Shiba Inu Coin fell by 2.16% on Tuesday. Partially reversing a 3.21% gain from Monday, Shiba Inu Coin ended the day at $0.00002803.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00002917 before hitting reverse.

Falling short of the first major resistance level at $0.0000300, Shiba Inu Coin slid to a late intraday low $0.00002753.

While steering clear of the first major support level at $0.0000268, Shiba Inu Coin fell through the 23.6% FIB of $0.00002831.

Finding late support, Shiba Inu Coin briefly broke back through the 23.6% FIB before ending the day at sub-$0.00002810 levels.

At the time of writing, Shiba Inu Coin was up by 0.29% to $0.00002811. A mixed start to the day saw Shiba Inu coin fall to an early morning low $0.00002786 before rising to a high $0.00002819.

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 $0.00002820 pivot and the 23.6% FIB of $0.00002831 to bring the first major resistance level at $0.0000290 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000029 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.00002917 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000030 levels before any pullback. The second major resistance level sits at $0.0000299.

Failure to move through the $0.0000282 pivot would bring the first major support level at $0.0000273 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.0000266 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000273

Pivot Level: $0.0000282

First Major Resistance Level: $0.0000290

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.