Shiba Inu Coin – Daily Tech Analysis – October 22nd, 2021

Bob Mason
Published: Oct 22, 2021, 00:33 GMT+00:00

After a bearish Thursday, Shiba Inu Coin will need to break back through the 23.6% FIB to avoid another day in the deep red...

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin slid by 5.95% on Thursday. Reversing a 4.32% gain from Wednesday, Shiba Inu Coin ended the day at $0.00002749.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00002924 before hitting reverse.

Falling short of the first major resistance level at $0.0000301, Shiba Inu Coin slid to a mid-afternoon intraday low $0.00002703.

Shiba Inu Coin fell through the 23.6% FIB of $0.00002831 and the first major support level at $0.0000278.

Finding late afternoon support, Shiba Inu Coin briefly revisited $0.00002785 before easing back.

The first major support level pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down by 0.62% to $0.00002732. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002756 before falling to a low $0.00002718.

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

SHIBUSD 221021 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the $0.00002790 pivot and the 23.6% FIB of $0.0000283 to bring the first major resistance level at $0.0000288 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 23.6% FIB.

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 the second major resistance level at $0.0000301.

Failure to move through the $0.0000279 pivot and the 23.6% FIB would bring the first major support level at $0.0000266 into play.

Barring an extended sell-off, however, Shiba Inu Coin should continue to avoid the 38.2% FIB of $0.00002387. The second major support level at $0.0000257 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000266

Pivot Level: $0.0000279

First Major Resistance Level: $0.0000288

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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