Shiba Inu – Daily Tech Analysis – October 17th, 2021

Shiba Inu

Shiba Inu rose by 1.86% on Saturday. Partially reversing an 8.06% slide from Friday, Shiba Inu ended the day at $0.00002571.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002470 before making a move.

Steering clear of the 38.2% FIB of $0.00002387 and the first major support level at $0.0000232, Shiba Inu rose to a mid-morning intraday high $0.000002659.

Falling short of the first major resistance level at $0.0000274, however, Shiba Inu fell back to end the day at $0.000025 levels.

At the time of writing, Shiba Inu was down by 0.66% to $0.00002554. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002573 before falling to a low $0.00002554.

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

For the day ahead

Shiba Inu would need to move back through the $0.0000257 pivot to bring the first major resistance level at $0.0000266 into play.

Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000026 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.00002659 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at the 23.6% FIB of $0.00002831 before any pullback. The second major resistance level sits at $0.00002750.

Failure to move back through the $0.0000257 pivot would bring the first major support level at $0.0000247 into play.

Barring an extended sell-off, however, Shiba Inu should avoid sub-$0.000023 levels. The 38.2% FIB of $0.00002387 and the second major support level at $0.0000238 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000247

Pivot Level: $0.0000257

First Major Resistance Level: $0.0000266

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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