Shiba Inu Coin – Daily Tech Analysis – November 7th, 2021
Shiba Inu Coin
Shiba Inu Coin fell by 6.34% on Saturday. Partially reversing a 26.76% surge from Friday, Shiba Inu Coin ended the day at $0.00005865.
A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00006318 before hitting reverse.
Falling short of the first major resistance level at $0.0000703, Shiba Inu Coin slid to a late morning intraday low $0.00005499.
While steering clear of the first major support level at $0.0000502, Shiba Inu Coin briefly fell through the 38.2% FIB of $0.0000568.
Finding early afternoon support, Shiba Inu Coin revisited $0.000061 levels before falling back into the deep red.
Late in the day, the 38.2% FIB of $0.0000568 limited the downside.
At the time of writing, Shiba Inu Coin was down by 1.26% to $0.00005791. a mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005874 before falling to a low $0.00005786.
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 $0.0000589 pivot to bring the first major resistance level at $0.0000629 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000060 levels.
Barring another extended crypto rally, the first major resistance level would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance $0.000070 levels before any pullback. The second major resistance level sits at $0.0000671. Shiba Inu Coin would need plenty of support, however, to break out from the 23.6% FIB of $0.00006897.
Failure to move through the $0.0000589 pivot would bring the 38.2% FIB of $0.0000568 and the first major support level at $0.0000547 into play.
Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The second major support level at $0.0000508 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.0000547
Pivot Level: $0.0000589
First Major Resistance Level: $0.0000629
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