After Thursday's pullback, it's been a bearish start to the day. A move back through to $0.000029 levels would signal a breakout day ahead, however.
Shiba Inu slid by 5.71% on Thursday. Reversing a modest 0.14% gain from Wednesday, Shiba Inu ended the day at $0.00002741.
A mixed start to the day saw Shiba Inu rise to an early morning intraday high $0.00002981 before hitting reverse.
Falling short of the first major resistance level at $0.00003060, Shiba Inu slid to a mid-afternoon intraday low $0.00002616.
The reversal saw Shiba Inu fall through the 23.6% FIB of $0.00002831 and the first major support level at $0.0000276.
Finding support at the second major support level at $0.00002610, Shiba Inu revisited $0.000028 levels before falling back into the deep red.
At the time of writing, Shiba Inu was down by 0.62% to $0.00002724. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002743 before falling to a low $0.00002720.
Shiba Inu left the major support and resistance levels untested early on.
Shiba Inu would need to move through the $0.00002780 pivot to bring the first major resistance level at $0.00002940 into play.
Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000029 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.00002981 would likely cap the upside
In the event of another breakout, Shiba Inu could test resistance at $0.000032 levels before any pullback. The second major resistance level sits at $0.00003140.
Failure to move through the $0.00002780 pivot would bring the first major support level at $0.00002580 into play.
Barring an extended sell-off, however, Shiba Inu should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.00002410 should limit the downside.
First Major Support Level: $0.00002580
Pivot Level: $0.00002780
First Major Resistance Level: $0.00002940
23.6% FIB Retracement Level: $0.00002831
38.2% FIB Retracement Level: $0.00002387
62% FIB Retracement Level: $0.00001668
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Thanks, Bob
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.