Shiba Inu – Daily Tech Analysis – October 8th, 2021

Shiba Inu

Shiba Inu slid by 17.82% on Thursday. Partially reversing a 61.01% breakout on Wednesday, Shiba Inu ended the day at $0.00002292.

A mixed start to the day saw Shiba Inu fall to an early morning low $0.00002750 before making a move.

Steering well clear of the first major support level at $0.0000197, Shiba Inu rallied to a mid-day intraday high and a new swing hi $0.00003558.

Shiba Inu broke through the first major resistance level at $0.00003290 before sliding to a late intraday low $0.00002079.

While steering clear of the first major support level, Shiba Inu fell through the 23.6% FIB of $0.0000233 to end the day at $0.000022 levels.

At the time of writing, Shiba Inu was down by 2.23% to $0.00002241. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002379 before falling to a low $0.00002213.

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

For the day ahead

Shiba Inu would need to move through the 38.2% FIB of $0.00002387 and the $0.00002640 pivot to bring the first major resistance level at $0.00003210 into play.

Support from the broader market would be needed, however, for Shiba Inu to break out from the 23.6% FIB of $0.00002831.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.00003558 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at $0.000050 before any pullback. The second major resistance level sits at $0.0000412.

Failure to move through the 38.2% FIB of $0.00002387 and the $0.0000264 pivot would bring the first major support level at $0.00001730 into play.

Barring another extended sell-off, however, Shiba Inu should avoid the second major support level at $0.00001160. The 62% FIB of $0.00001668 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.00001730

Pivot Level: $0.00002640

First Major Resistance Level: $0.00003210

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