Advertisement
Advertisement

Shiba Inu – Daily Tech Analysis – October 11th, 2021

By:
Bob Mason
Published: Oct 11, 2021, 01:01 UTC

Following last week's breakout, a move back through to $0.000030 levels would signal another bullish week ahead.

Shiba INU coin

Shiba Inu

Shiba Inu fell by 1.95% on Sunday. Following a 2.02% decline on Saturday, Shiba Inu ended the week up by 205.72% to $0.00002617.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002506 before making a move.

Steering clear of the 38.2% FIB of $0.00002387 and the first major support level at $0.0000238, Shiba Inu rose to a mid-morning intraday high $0.00002788.

Falling short of the first major resistance level at $0.0003030, however, Shiba Inu briefly fell back to sub-$0.000026 levels before ending the day at $0.000026 levels.

At the time of writing, Shiba Inu was up by 0.53% to $0.00002631. A mixed start to the day saw Shiba Inu fall to an early morning low $0.00002580 before rising to a high $0.00002646.

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

SHIBUSD 111021 Hourly Chart

For the day ahead

Shiba Inu would need to move back through the $0.00002640 pivot to bring the first major resistance level at $0.00002770 into play.

Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000027 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.00002831 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at $0.000030 levels before any pullback. The second major resistance level sits at $0.0000292.

Failure to move back through the $0.00002640 pivot would bring the first major support level at $0.00002490 into play.

Barring another extended sell-off, however, Shiba Inu should avoid the second major support level at $0.00002360. The 38.2% FIB of $0.00002387 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.00002490

Pivot Level: $0.00002640

First Major Resistance Level: $0.00002770

23.6% FIB Retracement Level: $0.00002831

38.2% FIB Retracement Level: $0.00002387

62% FIB Retracement Level: $0.00001668

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.

Did you find this article useful?

Advertisement