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