Shiba Inu Coin – Daily Tech Analysis – October 19th, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin rose by 3.21% on Monday. Following an 8.10% rally on Sunday, Shiba Inu Coin ended the day at $0.00002865.

A mixed start to the day saw Shiba Inu Coin fall to a late morning intraday low $0.00002637 before making a move.

Steering clear of the first major support level at $0.0000246, Shiba Inu Coin rallied to a late intraday high $0.0000296.

While falling short of the first major resistance level at $0.000030, Shiba Inu Coin broke through the 23.6% FIB of $0.00002831 to end the day at $0.0000286 levels.

At the time of writing, Shiba Inu Coin was up by 1.01% to $0.00002894. A mixed start to the day saw Shiba Inu coin fall to an early morning low $0.00002846 before rising to a high $0.00002898.

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 23.6% FIB of $0.00002831 and the $0.00002820 pivot to bring the first major resistance level at $0.00003000 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out form Monday’s high $0.0000296.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.0000296 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000032 levels before any pullback. The second major resistance level sits at $0.0000314.

A fall through the 23.6% FIB and the $0.0000282 pivot would bring the first major support level at $0.0000268 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.0000250 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000268

Pivot Level: $0.0000282

First Major Resistance Level: $0.0000300

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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