Shiba Inu – Daily Tech Analysis – October 16th, 2021

·2 min read

Shiba Inu

Shiba Inu slid by 8.06% on Friday. Following a 5.71% decline on Thursday, Shiba Inu ended the day at $0.00002522.

A mixed start to the day saw Shiba Inu fall to a late morning intraday low $0.00002333 before making a move.

Shiba Inu fell through the first major support level at $0.0000258 and the second major support level at $0.0000241.

The sell-off also saw Shiba Inu fall through the 38.2% FIB of $0.00002387 before rallying to a late intraday high $0.00002756.

While breaking back through the 38.2% FIB and the major support levels, Shiba Inu fell short of the first major resistance level at $0.0000294.

A bearish end to the day saw Shiba Inu slide back through the first major support level at $0.0000258 to end the day at $0.0000252 levels.

At the time of writing, Shiba Inu was up by 1.35% to $0.00002556. A mixed start to the day saw Shiba Inu fall to an early morning low $0.00002523 before rising to a high $0.00002589.

Shiba Inu left the major support and resistance levels untested early on.

For the day ahead

Shiba Inu would need to avoid a fall back through the $0.00002540 pivot to bring the first major resistance level at $0.00002740 into play.

Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000027 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.00002756 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at $0.000030 levels before any pullback. The second major resistance level sits at $0.0000296. Shiba Inu would need plenty of support, however, to breakout from the 23.6% FIB of $0.00002831.

A fall back through the $0.00002540 pivot would bring the 38.2% FIB of $0.00002387 and the first major support level at $0.00002320 into play.

Barring an extended sell-off, however, Shiba Inu should avoid sub-$0.000022 levels. The second major support level sits at $0.0000211.

Looking at the Technical Indicators

First Major Support Level: $0.0000232

Pivot Level: $0.0000254

First Major Resistance Level: $0.0000274

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

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting