Shiba Inu – Daily Tech Analysis – October 12th, 2021

By:

Updated: Oct 12, 2021, 09:36 UTC

Following Monday's rally, a return to $0.000030 levels would be key to support another breakout day ahead.

Shiba Inu

Shiba Inu rallied by 17.21% on Monday. Reversing a 1.95% decline from Sunday, Shiba Inu ended the day at $0.00003065.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002580 before making a move.

Steering clear of the first major support level at $0.0000238, Shiba Inu rallied to an early afternoon intraday high $0.00003203.

Shiba Inu broke through the first major resistance level at $0.0000277 and the second major resistance level at $0.0000292.

The breakout out also saw Shiba Inu break through the 23.6% FIB of $0.00002831 to end the day at $0.000030 levels.

At the time of writing, Shiba Inu was down by 2.58% to $0.00002986. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00003081 before falling to a low $0.00002953.

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

Open an Account with eToro and Start Trading Shiba Inu

For the day ahead

Shiba Inu would need to avoid the $0.0000295 pivot to bring the first major resistance level at $0.0000332 into play.

Support from the broader market would be needed, however, for Shiba Inu to break out from Monday’s high $0.00003203.

Barring an extended crypto rally, the first major resistance level would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at $0.000040 levels before any pullback. The second major resistance level sits at $0.0000357.

A fall through the $0.0000295 pivot would bring the 23.6% FIB of $0.00002831 and the first major support level at $0.0000270 into play.

Barring an extended sell-off, however, Shiba Inu should avoid the second major support level at $0.0000233. The 38.2% FIB of $0.00002387 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000270

Pivot Level: $0.0000295

First Major Resistance Level: $0.0000332

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.