Shiba Inu Coin – Daily Tech Analysis – October 23rd, 2021

Bob Mason
·2 min read
1

Shiba Inu Coin

Shiba Inu Coin rose by 1.60% on Friday. Partially reversing a 5.95% slide from Thursday, Shiba Inu Coin ended the day at $0.00002793.

A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00002703 before making a move.

Steering clear of the first major support level at $0.0000266, Shiba Inu Coin rallied to a late morning intraday high $0.00002850.

While falling short of the first major resistance level at $0.0000288, Shiba Inu Coin broke through the 23.6% FIB of $0.00002831.

An afternoon pullback saw Shiba Inu Coin fall back through the 23.6% FIB of $0.00002831 to sub-$0.0000725 levels before finding support.

A late move back through to $0.0000279 levels delivered the upside on the day.

At the time of writing, Shiba Inu Coin was down by 0.07% to $0.00002791. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002794 before falling to a low $0.0002778.

Shiba Inu Coin left the major support and resistance levels untested early on.

For the day ahead

Shiba Inu Coin would need to avoid a fall back through the $0.0000278 pivot to bring the 23.6% FIB of $0.0000283 and the first major resistance level at $0.0000286 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 23.6% FIB.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.0000285 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000030 levels before any pullback. The second major resistance level sits at $0.0000293.

A fall back through the $0.0000278 pivot would bring the first major support level at $0.0000271 into play.

Barring an extended sell-off, however, Shiba Inu Coin should continue to avoid the 38.2% FIB of $0.00002387. The second major support level at $0.0000264 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000271

Pivot Level: $0.0000278

First Major Resistance Level: $0.0000286

23.6% FIB Retracement Level: $0.00002831

38.2% FIB Retracement Level: $0.00002387

62% FIB Retracement Level: $0.00001668

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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