After a breakout week, a move back through to $0.000040 levels would give the bulls a run at $0.000050 levels on the day.
Shiba Inu Coin rallied by 6.50% on Sunday. Following a 21.28% surge on Saturday, Shiba Inu Coin ended the week up by 29.82% to $0.00003605.
A bullish start to the day saw Shiba Inu Coin surge to a mid-afternoon intraday high and a new swing hi $0.00004463 before hitting reverse.
Shiba Inu Coin broke through the first major resistance level at $0.0000364 and the second major resistance level at $0.000390.
Falling short of the third major resistance level at $0.000460, however, Shiba Inu Coin fell back to a late intraday low $0.00003290.
Steering well clear of the first major support level at $0.000295, Shiba Inu Coin wrapped up the day at $0.000036 levels.
The first major resistance level at $0.00003640 pegged Shiba Inu Coin back late in the day.
At the time of writing, Shiba Inu Coin was up by 5.80% to $0.00003814. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.0003499 before rising to a high $0.00003870.
While leaving the major support and resistance levels untested, Shiba Inu Coin tested support at the 23.6% FIB of $0.0003528 early on.
Shiba Inu Coin would need to avoid a fall back through the $0.0000379 pivot to bring the first major resistance level at $0.0000428 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s all-time high $0.00004463 would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance at $0.000050 levels before any pullback. The second major resistance level sits at $0.0000496.
A fall back through the $0.0000379 pivot would bring 23.6% FIB of $0.00003528 and the first major support level at $0.0000311 back into play.
Barring an extended sell-off, however, Shiba Inu Coin should avoid the 38.2% FIB of $0.0000295. The second major support level sits at $0.0000261.
First Major Support Level: $0.0000311
Pivot Level: $0.0000379
First Major Resistance Level: $0.0000428
23.6% FIB Retracement Level: $0.00003528
38.2% FIB Retracement Level: $0.00002950
62% FIB Retracement Level: $0.00002020
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Thanks, Bob
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.