Shiba Inu Coin – Daily Tech Analysis – October 25th, 2021
Shiba Inu Coin
Shiba Inu Coin rallied by 6.50% on Sunday. Following a 21.28% surge on Saturday, Shiba Inu Coin ended the week up by 29.82% to $0.00003605.
A bullish start to the day saw Shiba Inu Coin surge to a mid-afternoon intraday high and a new swing hi $0.00004463 before hitting reverse.
Shiba Inu Coin broke through the first major resistance level at $0.0000364 and the second major resistance level at $0.000390.
Falling short of the third major resistance level at $0.000460, however, Shiba Inu Coin fell back to a late intraday low $0.00003290.
Steering well clear of the first major support level at $0.000295, Shiba Inu Coin wrapped up the day at $0.000036 levels.
The first major resistance level at $0.00003640 pegged Shiba Inu Coin back late in the day.
At the time of writing, Shiba Inu Coin was up by 5.80% to $0.00003814. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.0003499 before rising to a high $0.00003870.
While leaving the major support and resistance levels untested, Shiba Inu Coin tested support at the 23.6% FIB of $0.0003528 early on.
For the day ahead
Shiba Inu Coin would need to avoid a fall back through the $0.0000379 pivot to bring the first major resistance level at $0.0000428 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s all-time high $0.00004463 would likely cap the upside
In the event of another breakout, Shiba Inu Coin could test resistance at $0.000050 levels before any pullback. The second major resistance level sits at $0.0000496.
A fall back through the $0.0000379 pivot would bring 23.6% FIB of $0.00003528 and the first major support level at $0.0000311 back into play.
Barring an extended sell-off, however, Shiba Inu Coin should avoid the 38.2% FIB of $0.0000295. The second major support level sits at $0.0000261.
Looking at the Technical Indicators
First Major Support Level: $0.0000311
Pivot Level: $0.0000379
First Major Resistance Level: $0.0000428
23.6% FIB Retracement Level: $0.00003528
38.2% FIB Retracement Level: $0.00002950
62% FIB Retracement Level: $0.00002020
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
