Shiba Inu slid by 5.71% on Thursday. Reversing a modest 0.14% gain from Wednesday, Shiba Inu ended the day at $0.00002741.
A mixed start to the day saw Shiba Inu rise to an early morning intraday high $0.00002981 before hitting reverse.
Falling short of the first major resistance level at $0.00003060, Shiba Inu slid to a mid-afternoon intraday low $0.00002616.
The reversal saw Shiba Inu fall through the 23.6% FIB of $0.00002831 and the first major support level at $0.0000276.
Finding support at the second major support level at $0.00002610, Shiba Inu revisited $0.000028 levels before falling back into the deep red.
At the time of writing, Shiba Inu was down by 0.62% to $0.00002724. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002743 before falling to a low $0.00002720.
Shiba Inu left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu would need to move through the $0.00002780 pivot to bring the first major resistance level at $0.00002940 into play.
Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000029 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.00002981 would likely cap the upside
In the event of another breakout, Shiba Inu could test resistance at $0.000032 levels before any pullback. The second major resistance level sits at $0.00003140.
Failure to move through the $0.00002780 pivot would bring the first major support level at $0.00002580 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 $0.00002410 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.00002580
Pivot Level: $0.00002780
First Major Resistance Level: $0.00002940
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