Shiba Inu Coin – Daily Tech Analysis – November 12th, 2021
Shiba Inu Coin
Shiba Inu Coin jumped by 12.47% on Thursday. Reversing an 8.31% slide from Wednesday, Shiba Inu Coin ended the day at $0.00005656.
A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00004836 before making a move.
Steering clear of the first major support level at $0.0000458, however, Shiba Inu Coin rallied to an early afternoon intraday high $0.00005798.
Shiba Inu Coin broke through the first major resistance level at $0.0000551 and the 38.2% FIB of $0.0000568.
A mid-afternoon pullback, however, saw Shiba Inu Coin fall back to sub-$0.000054 levels before finding support.
Late in the day, Shiba Inu Coin broke back through the first major resistance level to end the day at $0.000056 levels.
The 38.2% FIB of $0.0000568 pegged Shiba Inu Coin back late in the day.
At the time of writing, Shiba Inu Coin was down by 1.41% to $0.00005576 A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005699 before falling to a low $0.00005556.
While leaving the major support and resistance levels untested, Shiba Inu Coin briefly broke back through the 38.2% FIB of $0.0000568.
For the day ahead
Shiba Inu Coin would need to avoid the $0.0000543 pivot to bring the 38.2% FIB and the first major resistance level at $0.0000602 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break out from Thursday’s high $0.00005798.
Barring another extended crypto rally, the first major resistance would likely cap the upside
In the event of a breakout, Shiba Inu Coin could test resistance at $0.000070 levels before any pullback. The second major resistance level sits at $0.0000639.
A fall through $0.0000543 pivot would bring the first major support level at $0.0000506 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000447.
Looking at the Technical Indicators
First Major Support Level: $0.0000506
Pivot Level: $0.0000543
First Major Resistance Level: $0.0000602
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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