Shiba Inu Coin – Daily Tech Analysis – October 24th, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin surged by 21.28% on Saturday. Following a 1.60% gain on Friday, Shiba Inu Coin ended the day at $0.00003386.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00002762 before making a move.

Steering clear of the first major support level at $0.0000271, Shiba Inu Coin rallied to a late afternoon intraday high $0.00003461.

Shiba Inu Coin broke through the 23.6% FIB of $0.00002831 and the day’s major resistance levels.

A late pullback saw Shiba Inu Coin fall back to sub-$0.000033 levels before wrapping up the day at $0.000033 levels.

In spite of the pullback, Shiba Inu Coin avoided a fall back through the third major resistance level at $0.0000308.

At the time of writing, Shiba Inu Coin was up by 0.47% to $0.00003402. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.0003355 before rising to a high $0.00003415.

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 $0.0000320 pivot to bring the first major resistance level at $0.0000364 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from October’s all-time high $0.00003558.

Barring an 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 $0.000040 levels before any pullback. The second major resistance level sits at $0.0000390.

A fall through the $0.0000320 pivot would bring the first major support level at $0.0000295 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000250. The 23.6% FIB of $0.00002831 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000295

Pivot Level: $0.0000320

First Major Resistance Level: $0.0000364

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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