Shiba Inu Coin – Daily Tech Analysis – November 5th, 2021

Shiba Inu Coin

Shiba Inu Coin slid by 10.99% on Thursday. Following a 19.84% tumble on Wednesday, Shiba Inu Coin ended the day at $0.00004941.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000610 before hitting reverse.

While falling short of the first major resistance level at $0.0000656, Shiba Inu Coin broke through the 38.2% FIB of $0.0000568.

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The reversal, however, saw Shiba Inu Coin slide to a late afternoon intraday low $0.00004313.

Shiba Inu Coin fell through the first major support level at $0.0000492 and the second major support level at $0.0000428.

The extended sell-off also saw Shiba Inu Coin fall back through the 38.2% FIB of $0.0000568.

Finding late support, however, Shiba Inu Coin broke back through the major support levels to end the day at $0.0000494 levels.

At the time of writing, Shiba Inu Coin was down by 2.61% to $0.00004812. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00004940 to a low $0.00004766.

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

For the day ahead

Shiba Inu Coin would need to move through the $0.0000512 pivot to bring the 38.2% FIB of $0.0000568 and the first major resistance level at $0.0000592 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from the 38.2% FIB.

Barring another extended crypto rally, the first major resistance level and resistance at $0.000060 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at the 23.6% FIB of $0.00006897 and the second major resistance level at $0.0000691.

Failure to move through the $0.0000512 pivot would bring the first major support level at $0.0000414 into play.

Barring an extended sell-off, however, Shiba Inu Coin should steer clear of the 62% FIB of $0.0000370. The second major support level sits at $0.00003330.

Looking at the Technical Indicators

First Major Support Level: $0.0000414

Pivot Level: $0.0000512

First Major Resistance Level: $0.0000592

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700