Shiba Inu Coin – Daily Tech Analysis – October 23rd, 2021
Shiba Inu Coin
Shiba Inu Coin rose by 1.60% on Friday. Partially reversing a 5.95% slide from Thursday, Shiba Inu Coin ended the day at $0.00002793.
A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00002703 before making a move.
Steering clear of the first major support level at $0.0000266, Shiba Inu Coin rallied to a late morning intraday high $0.00002850.
While falling short of the first major resistance level at $0.0000288, Shiba Inu Coin broke through the 23.6% FIB of $0.00002831.
An afternoon pullback saw Shiba Inu Coin fall back through the 23.6% FIB of $0.00002831 to sub-$0.0000725 levels before finding support.
A late move back through to $0.0000279 levels delivered the upside on the day.
At the time of writing, Shiba Inu Coin was down by 0.07% to $0.00002791. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002794 before falling to a low $0.0002778.
Shiba Inu Coin left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu Coin would need to avoid a fall back through the $0.0000278 pivot to bring the 23.6% FIB of $0.0000283 and the first major resistance level at $0.0000286 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 and Friday’s high $0.0000285 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 $0.0000293.
A fall back through the $0.0000278 pivot would bring the first major support level at $0.0000271 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 $0.0000264 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.0000271
Pivot Level: $0.0000278
First Major Resistance Level: $0.0000286
23.6% FIB Retracement Level: $0.00002831
38.2% FIB Retracement Level: $0.00002387
62% FIB Retracement Level: $0.00001668
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