Shiba Inu Coin

Shiba Inu Coin slid by 8.31% on Wednesday. Following a 0.58% loss on Tuesday, Shiba Inu Coin ended the day at $0.00005031.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00005525 before hitting reverse

Shiba Inu Coin fell short of the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000578.

The reversal saw Shiba Inu Coin slide to a late intraday low $0.00004595.

Shiba Inu Coin fell through the first major support level at $0.0000526 and the second major support level at $0.0000504.

Steering clear of the third major support level at $0.0000452, however, Shiba Inu Coin ended the day at $0.000050 levels.

The second major support level at $0.0000504 pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down by 1.01% to $0.00004980 A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005049 before falling to a low $0.00004976.

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 $0.00005050 pivot to bring the first major resistance level at $0.0000551 and the 38.2% FIB of $0.0000568 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000055 levels.

Barring another extended crypto rally, the 38.2% FIB would likely cap the upside

In the event of a breakout, Shiba Inu Coin could test resistance at $0.000060 levels before any pullback. The second major resistance level sits at $0.0000598.

Failure to move through $0.0000505 pivot would bring the first major support level at $0.0000458 into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000040 levels. The second major support level at $0.0000412 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000458

Pivot Level: $0.0000505

First Major Resistance Level: $0.0000551

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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