Shiba Inu Coin’s Struggles Continue in Spite of Tuesday’s Upside

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 rose by 3.28% on Tuesday. Partially reversing a 10.06% slide from Monday, Shiba Inu Coin ended the day at $0.00003398.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00003244 before making a move. Steering clear of the first major support level at $0.0000308, Shiba Inu Coin rallied to a mid-day intraday high $0.00003567.

Coming within range of the first major resistance level at $0.0000360, Shiba Inu Coin fell back to sub-$0.000033 levels and back into the red. A late move back through to $0.0000339 levels delivered the upside on the day, however.

At the time of writing, Shiba Inu Coin was up by 0.12% to $0.00003402. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003391 before rising to a high $0.00003423.

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 back through the $0.0000340 pivot to bring the first major resistance level at $0.0000356 into play. Support from the broader market would be needed, however, would be needed for a break back through to $0.000035 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high 0.00003567 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 and the second major resistance level at $0.0000373.

A fall back through the $0.0000340 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-$0.0000320 levels. The second major support level sits at $0.0000308.

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: $0.0000340

First Major Resistance Level: $0.0000356

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700