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Shiba Inu Coin

Shiba Inu Coin fell by 4.39% on Thursday. Following a 6.99% slide on Wednesday, Shiba Inu Coin ended the day at $0.00004221.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00004425 before hitting reverse. Falling short of the first major resistance level at $0.0000475, Shiba Inu Coin slid to an early morning intraday low $0.00004101.

Shiba Inu Coin fell through the first major support level at $0.0000422 before briefly revisiting $0.000043 levels. Bearish through the latter part of the day, however, Shiba Inu Coin fell back to sub-$0.000043 levels and into the deep red.

At the time of writing, Shiba Inu Coin was down by 0.66% to $0.00004193. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004241 before falling to a low $0.00004193.

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 $0.0000425 pivot to bring the first major resistance level at $0.0000440 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break back through to $0.000044 levels. Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.0004425 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000457.

Failure to move through the $0.0000425 pivot would bring the first major support level at $0.0000407 into play. Barring an extended sell-off, however, Shiba Inu Coin should the second major support level at $0.0000393.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000407

Pivot Level: $0.0000425

First Major Resistance Level: $0.0000440

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

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