Shiba Inu Coin – Daily Tech Analysis – November 6th, 2021
Shiba Inu Coin
Shiba Inu Coin surged by 26.76% on Friday. Reversing a 10.99% slide from Thursday, Shiba Inu Coin ended the day at $0.00006262.
A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00004544 before making a move.
Steering clear of the first major support level at $0.0000414, Shiba Inu Coin rallied to a late intraday high $0.0006553.
Shiba Inu Coin broke through the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000592.
In spite of a late pullback, Shiba Inu Coin avoided a fall back to sub-$0.000060 levels.
At the time of writing, Shiba Inu Coin was down by 5.35% to $0.00005927. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00006318 before falling to a low $0.00005851.
Shiba Inu Coin left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu Coin would need to avoid the $0.0000579 pivot and the 38.2% FIB of $0.0000568 to bring the first major resistance level at $0.0000703 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 23.6% FIB of $0.00006897.
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 $0.000080 levels before any pullback. The second major resistance level sits at $0.0000780.
A fall through the $0.0000579 pivot and the 38.2% FIB would bring the first major support level at $0.0000502 into play.
Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000040 levels. The second major support level sits at $0.0000378.
Looking at the Technical Indicators
First Major Support Level: $0.0000502
Pivot Level: $0.0000579
First Major Resistance Level: $0.0000703
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