FX Empire

Shiba Inu Coin – Daily Tech Analysis – November 1st, 2021

Bob Mason
2 min read

Shiba Inu Coin

Shiba Inu Coin rose by 2.60% on Sunday. Partially reversing a 12.79% slide from Saturday, Shiba Inu Coin ended the week up by 84.94% to $0.00006703.

After a mixed start to the day, Shiba Inu Coin fell to an early afternoon intraday low $0.00005814 before making a move.

Finding support at the first major support level at $0.0000586, Shiba Inu Coin rose to a late afternoon intraday high $0.00006962.

While falling short of the first major resistance level at $0.0000751, Shiba Inu Coin broke through the 23.6% FIB of $0.00006897 before easing back to sub-$0.000068 levels.

At the time of writing, Shiba Inu Coin was down by 0.46% to $0.00006672. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00006726 before falling to a low $0.00006576.

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 $0.0000649 pivot to bring the 23.6% FIB of $0.00006897 to bring the first major resistance level at $0.0000717 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000070 levels.

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 at $0.000080 levels before any pullback. The second major resistance level sits at $0.0000764.

A fall through the $0.0000649 pivot would bring the first major support level at $0.0000602 and the 38.2% FIB of $0.0000568 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000050 levels. The second major support level at $0.0000535 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000602

Pivot Level: $0.0000649

First Major Resistance Level: $0.0000717

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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