Shiba Inu Coin – Daily Tech Analysis – November 5th, 2021
Shiba Inu Coin
Shiba Inu Coin slid by 10.99% on Thursday. Following a 19.84% tumble on Wednesday, Shiba Inu Coin ended the day at $0.00004941.
A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000610 before hitting reverse.
While falling short of the first major resistance level at $0.0000656, Shiba Inu Coin broke through the 38.2% FIB of $0.0000568.
The reversal, however, saw Shiba Inu Coin slide to a late afternoon intraday low $0.00004313.
Shiba Inu Coin fell through the first major support level at $0.0000492 and the second major support level at $0.0000428.
The extended sell-off also saw Shiba Inu Coin fall back through the 38.2% FIB of $0.0000568.
Finding late support, however, Shiba Inu Coin broke back through the major support levels to end the day at $0.0000494 levels.
At the time of writing, Shiba Inu Coin was down by 2.61% to $0.00004812. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00004940 to a low $0.00004766.
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 $0.0000512 pivot to bring the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000592 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 38.2% FIB.
Barring another extended crypto rally, the first major resistance level and resistance at $0.000060 would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance at the 23.6% FIB of $0.00006897 and the second major resistance level at $0.0000691.
Failure to move through the $0.0000512 pivot would bring the first major support level at $0.0000414 into play.
Barring an extended sell-off, however, Shiba Inu Coin should steer clear of the 62% FIB of $0.0000370. The second major support level sits at $0.00003330.
Looking at the Technical Indicators
First Major Support Level: $0.0000414
Pivot Level: $0.0000512
First Major Resistance Level: $0.0000592
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