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Shiba Inu Coin – Daily Tech Analysis – October 29th, 2021

By:
Bob Mason
Published: Oct 29, 2021, 00:29 GMT+00:00

Following a bearish day on Thursday, Shiba Inu Coin would need to return to $0.00008 levels to avoid another day in the deep red.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin slid by 13.01% on Thursday. Partially reversing a 64.95% surge from Wednesday, Shiba Inu Coin ended the day at $0.00006889.

A bullish start to the day saw Shiba Inu Coin rally to an early morning intraday high $0.00008858 before hitting reverse.

Falling short of the first major resistance level at $0.0000963, Shiba Inu Coin tumbled to a mid-morning intraday low $0.00005700.

While steering clear of the first major support level at $0.0000544, Shiba Inu Coin fell through the 23.6% FIB of $0.00006897.

Finding support at the 38.2% FIB of $0.0000568, however, Shiba Inu Coin revisited $0.00008 levels before falling back into the red.

The reversal saw Shiba Inu Coin fall back through the 23.6% FIB to end the day at $0.0000688 levels.

At the time of writing, Shiba Inu Coin was down by 4.40% to $0.00006586. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00006907 before falling to a low $0.0006579.

While leaving the major support and resistance levels untested, Shiba Inu Coin tested resistance at the 23.6% FIB early on.

SHIBUSD 291021 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the 23.6% FIB of $0.00006897 and the $0.0000715 pivot to bring the first major resistance level at $0.0000860 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.00008 levels.

Barring another extended crypto rally, the first major resistance level and Wednesday’s ATH $0.00008872 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.00010 levels before any pullback. The second major resistance level sits at $0.0001031.

Failure to move through the 23.6% FIB and the $0.0000715 pivot would bring 38.2% FIB of $0.0000568 and the first major support level at $0.0000544 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The second major support level sits at $0.0000399.

Looking at the Technical Indicators

First Major Support Level: $0.0000544

Pivot Level: $0.0000715

First Major Resistance Level: $0.0000860

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

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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