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Shiba Inu Coin – Daily Tech Analysis – October 21st, 2021

By:
Bob Mason

After a relatively bullish day on Wednesday, Shiba Inu Coin would need to avoid sub-$0.000028 levels to bring $0.000030 levels back into play.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin rose by 4.32% on Wednesday. Reversing a 2.16% loss from Tuesday, Shiba Inu Coin ended the day at $0.00002923.

A mixed start to the day saw Shiba Inu Coin fall to an early afternoon intraday low $0.00002717 before making a move.

Shiba Inu Coin fell through the first major support level at $0.0000273 before rallying to a late intraday high $0.00002955.

The extended rally saw Shiba Inu Coin break through the 23.6% FIB of $0.00002838 and the first major resistance level at $0.0000290 to end the day at $0.0000293 levels.

At the time of writing, Shiba Inu Coin was down by 1.64% to $0.00002876. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002924 before falling to a low $0.00002852.

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

SHIBUSD 211021 Hourly Chart

For the day ahead

Shiba Inu Coin would need to avoid a fall back through the $0.00002870 pivot and the 23.6% FIB of $0.0000283 to bring the first major resistance level at $0.0000301 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000030 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000032 levels before any pullback. The second major resistance level sits at $0.0000310.

A fall back through the $0.0000278 pivot and the 23.6% FIB would bring the first major support level at $0.0000278 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 $0.0000263 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000278

Pivot Level: $0.0000287

First Major Resistance Level: $0.0000301

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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