Shiba Inu Coin – Daily Tech Analysis – November 4th, 2021

By:

Updated: Nov 4, 2021, 15:31 GMT+00:00

It's another bearish start to the day after Wednesday's sell-off. A move back through to $0.000060 levels would be needed to avoid a 3rd consecutive day in the red.

Shiba Inu Coin

Shiba Inu Coin tumbled by 19.84% on Wednesday. Following a 3.28% fall on Tuesday, Shiba Inu Coin ended the day at $0.0000555.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00006926 before hitting reverse.

Falling short of the first major resistance level at $0.0000726, Shiba Inu Coin tumbled to a late intraday low $0.00005286.

Shiba Inu Coin fell through the day’s major support levels.

More significantly, Shiba Inu Coin also fell through the 23.6% FIB of $0.00006897 and the 38.2% FIB of $0.0000568 to end the day at $0.000055 levels.

At the time of writing, Shiba Inu Coin was down by 2.77% to $0.00005396. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00005660 before falling to a low $0.00005290.

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

Start Trading Shiba Inu with eToro

For the day ahead

Shiba Inu Coin would need to move through the 38.2% FIB and the $0.0000592 pivot to bring the first major resistance level at $0.0000656 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000060 levels.

Barring another extended crypto rally, the first major resistance level and the 23.6% FIB of $0.00006897 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test the second major resistance level at $0.0000756.

Failure to move through the 38.2% FIB of $0.0000568 and the $0.0000592 pivot would bring the first major support level at $0.0000492 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of sub-$0.000045 levels. The second major support level sits at $0.0000428.

Looking at the Technical Indicators

First Major Support Level: $0.0000492

Pivot Level: $0.0000592

First Major Resistance Level: $0.0000656

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.