Shiba Inu Coin – Daily Tech Analysis – October 31st, 2021

Shiba Inu Coin

Shiba Inu Coin slid by 12.79% on Saturday. Reversing an 8.72% rally from Friday, Shiba Inu Coin ended the day at $0.00006533.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000780 before hitting reverse.

Falling well short of the first major resistance level at $0.0000813, Shiba Inu Coin slid to a late intraday low $0.0000615.

Shiba Inu Coin fell through the 23.6% FIB of $0.00006897 and the first major support level at $0.0000648.

Finding late support, however, Shiba Inu Coin broke back through the first major support level to end the day at $0.000065 levels.

At the time of writing, Shiba Inu Coin was up by 0.72% to $0.00006580. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00006477 before rising to a high $0.00006600.

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

For the day ahead

Shiba Inu Coin would need to move through the $0.0000683 pivot and the 23.6% FIB of $0.00006897 to bring the first major resistance level at $0.0000751 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000070 levels.

Barring another extended crypto rally, the first major resistance level and Saturday’s high $0.0000780 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.00090 levels before any pullback. The second major resistance level sits at $0.0000848. Shiba Inu Coin would need plenty of support, however, to breakout from Wednesday’s ATH $0.00008872.

Failure to move through the $0.0000683 pivot would bring the first major support level at $0.0000586 and the 38.2% FIB of $0.0000568 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The second major support level at $0.0000518 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000586

Pivot Level: $0.0000683

First Major Resistance Level: $0.0000751

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