Shiba Inu Coin – Daily Tech Analysis – December 7th, 2021

Shiba Inu Coin

Shiba Inu Coin rose by 1.49% on Monday. Reversing a 0.47% decline from Sunday, Shiba Inu Coin ended the day at $0.00003681.

Tracking the broader market, Shiba Inu Coin slid to a late intraday low $0.00003282 before making a move. The reversal saw Shiba Inu Coin fall through the first major support level at $0.0000342.

Steering clear of the second major support level at $0.0000322, however, Shiba Inu Coin rallied to a late intraday high $0.00003731. While falling short of the first major resistance level at $0.0000413, Shiba Inu Coin briefly broke through the 62% FIB of $0.000037 before ending the day at sub-$0.000037 levels.

At the time of writing, Shiba Inu Coin was up by 0.76% to $0.00003709. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003669 before rising to a high $0.00003756.

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While leaving the major support and resistance levels untested, Shiba Inu Coin broke through the 62% FIB of $0.000037.

For the day ahead

Shiba Inu Coin would need to avoid the 62% FIB and the $0.0000356 pivot to bring the first major resistance level at $0.0000385 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break back through to $0.000038 levels. Barring an extended crypto rally, the first major resistance level would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000040 levels. ธhe second major resistance level sits at $0.0000401.

A fall through the 62% FIB of $0.000037 and the $0.0000356 pivot would bring the first major support level at $0.0000340 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000300 levels. The second major support level at $0.0000312 should limit the downside.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000340

Pivot Level: $0.0000356

First Major Resistance Level: $0.0000385

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700