Shiba Inu Coin

Shiba Inu Coin tumbled by 19.84% on Wednesday. Following a 3.28% fall on Tuesday, Shiba Inu Coin ended the day at $0.0000555.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00006926 before hitting reverse.

Falling short of the first major resistance level at $0.0000726, Shiba Inu Coin tumbled to a late intraday low $0.00005286.

Shiba Inu Coin fell through the day’s major support levels.

More significantly, Shiba Inu Coin also fell through the 23.6% FIB of $0.00006897 and the 38.2% FIB of $0.0000568 to end the day at $0.000055 levels.

At the time of writing, Shiba Inu Coin was down by 2.77% to $0.00005396. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005660 before falling to a low $0.00005290.

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 38.2% FIB and the $0.0000592 pivot to bring the first major resistance level at $0.0000656 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 and the 23.6% FIB of $0.00006897 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test the second major resistance level at $0.0000756.

Failure to move through the 38.2% FIB of $0.0000568 and the $0.0000592 pivot would bring the first major support level at $0.0000492 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000045 levels. The second major support level sits at $0.0000428.

Looking at the Technical Indicators

First Major Support Level: $0.0000492

Pivot Level: $0.0000592

First Major Resistance Level: $0.0000656

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

More From FXEMPIRE:

• USD/JPY Fundamental Daily Forecast – Steady After Fed Calls Inflation ‘Transitory’, Keeps Rate Hike on Hold

• Shiba Inu (SHIB) Big Whale Shows Activity, Price Stucks at $0.000063

• Silver Price Prediction – Prices Drop Following Fed Decision

• AUD/USD Forex Technical Analysis – New Sellers Waiting at .7484 – .7499

• U.S. Dollar Index (DX) Futures Technical Analysis – Setting Up for Choppy Trade Between 93.770 – 92.940

• Gold Price Prediction – Prices Fall on Fed Decision