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 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.
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.
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
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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.