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Shiba Inu Coin – Daily Tech Analysis – October 24th, 2021

By:
Bob Mason
Updated: Oct 24, 2021, 06:42 UTC

Following Saturday's breakout, the bulls will be eyeing 7th October's all-time high $0.00003558 and a run at $0.00004 levels...

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin surged by 21.28% on Saturday. Following a 1.60% gain on Friday, Shiba Inu Coin ended the day at $0.00003386.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00002762 before making a move.

Steering clear of the first major support level at $0.0000271, Shiba Inu Coin rallied to a late afternoon intraday high $0.00003461.

Shiba Inu Coin broke through the 23.6% FIB of $0.00002831 and the day’s major resistance levels.

A late pullback saw Shiba Inu Coin fall back to sub-$0.000033 levels before wrapping up the day at $0.000033 levels.

In spite of the pullback, Shiba Inu Coin avoided a fall back through the third major resistance level at $0.0000308.

At the time of writing, Shiba Inu Coin was up by 0.47% to $0.00003402. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.0003355 before rising to a high $0.00003415.

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

SHIBUSD 241021 Hourly Chart

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For the day ahead

Shiba Inu Coin would need to avoid the $0.0000320 pivot to bring the first major resistance level at $0.0000364 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from October’s all-time high $0.00003558.

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 $0.000040 levels before any pullback. The second major resistance level sits at $0.0000390.

A fall through the $0.0000320 pivot would bring the first major support level at $0.0000295 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000250. The 23.6% FIB of $0.00002831 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000295

Pivot Level: $0.0000320

First Major Resistance Level: $0.0000364

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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