Shiba Inu slid by 5.28% on Tuesday. Partially reversing a 17.21% breakout from Monday, Shiba Inu ended the day at $0.00002904.
A mixed start to the day saw Shiba Inu rise to an early morning intraday high $0.00003159 before hitting reverse.
Falling short of the first major resistance level at $0.0000332, Shiba Inu slid to a mid-afternoon intraday low $0.00002733.
The reversal saw Shiba Inu fall through the 23.6% FIB of $0.00002831.
Finding support at the first major support level at $0.00002700, Shiba Inu broke back through the 23.6% FIB to end the day at $0.000029 levels.
At the time of writing, Shiba Inu was up by 1.41% to $0.00002945. A mixed start to the day saw Shiba Inu fall to an early morning low $0.00002888 before rising to a high $0.00002949.
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 $0.00002930 pivot to bring the first major resistance level at $0.0000313 into play.
Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000031 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.00003159 would likely cap the upside
In the event of another breakout, Shiba Inu could test resistance at $0.000035 levels before any pullback. The second major resistance level sits at $0.0000336.
A fall back through the $0.0000293 pivot would bring the 23.6% FIB of $0.00002831 and the first major support level at $0.0000271 into play.
Barring an extended sell-off, however, Shiba Inu should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.00002510 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.0000271
Pivot Level: $0.0000293
First Major Resistance Level: $0.0000313
23.6% FIB Retracement Level: $0.00002831
38.2% FIB Retracement Level: $0.00002387
62% FIB Retracement Level: $0.00001668
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This article was originally posted on FX Empire