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Shiba Inu Coin – Daily Tech Analysis – October 30th, 2021

By:
Bob Mason
Published: Oct 30, 2021, 00:25 UTC

After a partial recovery of Thursday's pullback, a move back through to $0.00008 levels would bring $0.0001 levels into play.

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin rallied by 8.72% on Friday. Partially reversing a 13.01% slide from Thursday, Shiba Inu Coin ended the day at $0.00007491.

A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.0000610 before making a move.

While steering clear of the major support levels, Shiba Inu Coin fell through the 23.6% FIB of $0.00006897.

Finding early support, however, Shiba Inu Coin rallied to an early afternoon intraday high $0.00007746.

While breaking back through the 23.6% FIB, Shiba Inu Coin fell short of the first major resistance level at $0.0000860.

A mid-afternoon pullback saw Shiba Inu Coin fall back to $0.000071 levels before wrapping up the day at $0.0000749 levels.

At the time of writing, Shiba Inu Coin was down by 4.16% to $0.00007180. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00007494 before falling to a low $0.00007180.

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

SHIBUSD 301021 Hourly Chart

For the day ahead

Shiba Inu Coin would need to avoid the $0.0000711 pivot to bring the first major resistance level at $0.0000813 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000080 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 $0.000876.

A fall through the $0.0000711 pivot would bring 23.6% FIB of $0.00006897 and the first major support level at $0.0000648 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000060 levels and the 38.2% FIB of $0.0000568. The second major support level sits at $0.0000547.

Looking at the Technical Indicators

First Major Support Level: $0.0000648

Pivot Level: $0.0000711

First Major Resistance Level: $0.0000813

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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