Shiba Inu Coin Looks for a Breakout after Seeing Red on Wednesday

This is the tech analysis for Shiba Inu Coin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s.

Shiba Inu Coin

Shiba Inu Coin fell by 0.41% on Wednesday. Partially reversing a 3.28% gain from Tuesday, Shiba Inu Coin ended the day at $0.00003384.

After a mixed start to the day, Shiba Inu Coin slid to a late afternoon intraday low $0.00003188 before making a move. The reversal saw Shiba Inu Coin fall through the first major support level at $0.0000324 before rallying to a late intraday high $0.00003439.

Falling short of the first major resistance level at $0.0000356, Shiba Inu Coin fell back to sub-$0.000034 levels and back into the red.

At the time of writing, Shiba Inu Coin was up by 0.41% to $0.00003398. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003364 before rising to a high $0.0000340.

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

For the day ahead

Shiba Inu Coin would need to avoid a fall through the $0.0000334 pivot to bring the first major resistance level at $0.0000349 into play. Support from the broader market would be needed, however, would be needed for a break out from Wednesday’s high $0.00003439.

Barring an extended crypto rally, the first major resistance level and resistance at $0.000035 would likely cap the upside. In the event of an extended breakout, Shiba Inu Coin could test resistance at the 62% FIB of $0.0000370. The second major resistance level sits at $0.0000359.

A fall through the $0.0000334 pivot would bring the first major support level at $0.0000324 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000310 levels. The second major support level sits at $0.0000309.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000324

Pivot Level: $0.0000334

First Major Resistance Level: $0.0000349

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700