Shiba Inu Coin: Bears Target sub-$0.000030 for the First Time since October
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 slid by 4.80% on Friday. Following a 3.34% loss on Thursday, Shiba Inu Coin ended the day at $0.00003115.
A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00003318 before hitting reverse. Falling short of the first major resistance level at $0.0000340, Shiba Inu Coin slid to an early afternoon intraday low $0.0000302.
The extended sell-off saw Shiba Inu Coin fall through the first major support level at $0.0000320 and the second major support level at $0.0000314.
Finding mid-afternoon support, however, Shiba Inu Coin briefly revisited $0.0000323 levels before ending the day at $0.0000311 levels. The 2nd reversal saw Shiba Inu Coin fall back through the first and second major support levels.
At the time of writing, Shiba Inu Coin was down by 0.22% to $0.00003108. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00003122 before falling to a low $0.00003080.
Shiba Inu Coin left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu Coin would need to move through the $0.0000315 pivot to bring the first major resistance level at $0.0000328 into play. Support from the broader market would be needed, however, would be needed for a break back through to $0.0000320 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $0.00003318 would likely cap the upside. In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000035 levels before any pullback. The second major resistance level sits at $0.0000345.
Failure to move through the $0.0000315 pivot would bring the first major support level at $0.0000298 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000290 levels. The second major support level sits at $0.0000285.
Looking at the Technical Indicators
First Major Support Level: $0.0000298
Pivot Level: $0.0000314
First Major Resistance Level: $0.0000328
23.6% FIB Retracement Level: $0.00006987
38.2% FIB Retracement Level: $0.00005680
62% FIB Retracement Level: $0.00003700
This article was originally posted on FX Empire