Shiba Inu Coin – Daily Tech Analysis – October 20th, 2021

·2 min read

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


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