Shiba Inu Coin – Daily Tech Analysis – October 20th, 2021
Shiba Inu Coin
Shiba Inu Coin fell by 2.16% on Tuesday. Partially reversing a 3.21% gain from Monday, Shiba Inu Coin ended the day at $0.00002803.
A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00002917 before hitting reverse.
Falling short of the first major resistance level at $0.0000300, Shiba Inu Coin slid to a late intraday low $0.00002753.
While steering clear of the first major support level at $0.0000268, Shiba Inu Coin fell through the 23.6% FIB of $0.00002831.
Finding late support, Shiba Inu Coin briefly broke back through the 23.6% FIB before ending the day at sub-$0.00002810 levels.
At the time of writing, Shiba Inu Coin was up by 0.29% to $0.00002811. A mixed start to the day saw Shiba Inu coin fall to an early morning low $0.00002786 before rising to a high $0.00002819.
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 $0.00002820 pivot and the 23.6% FIB of $0.00002831 to bring the first major resistance level at $0.0000290 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000029 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.00002917 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 $0.0000299.
Failure to move through the $0.0000282 pivot would bring the first major support level at $0.0000273 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 $0.0000266 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.0000273
Pivot Level: $0.0000282
First Major Resistance Level: $0.0000290
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
