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Shiba Inu Coin – Daily Tech Analysis – October 19th, 2021

By:
Bob Mason
Published: Oct 19, 2021, 01:07 GMT+00:00

After a bullish start the week, Shiba Inu Coin will need to avoid the day's pivot to return to $0.000030 levels...

Shiba INU coin

Shiba Inu Coin

Shiba Inu Coin rose by 3.21% on Monday. Following an 8.10% rally on Sunday, Shiba Inu Coin ended the day at $0.00002865.

A mixed start to the day saw Shiba Inu Coin fall to a late morning intraday low $0.00002637 before making a move.

Steering clear of the first major support level at $0.0000246, Shiba Inu Coin rallied to a late intraday high $0.0000296.

While falling short of the first major resistance level at $0.000030, Shiba Inu Coin broke through the 23.6% FIB of $0.00002831 to end the day at $0.0000286 levels.

At the time of writing, Shiba Inu Coin was up by 1.01% to $0.00002894. A mixed start to the day saw Shiba Inu coin fall to an early morning low $0.00002846 before rising to a high $0.00002898.

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

SHIBUSD 191021 Hourly Chart

For the day ahead

Shiba Inu Coin would need to avoid the 23.6% FIB of $0.00002831 and the $0.00002820 pivot to bring the first major resistance level at $0.00003000 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out form Monday’s high $0.0000296.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.0000296 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000032 levels before any pullback. The second major resistance level sits at $0.0000314.

A fall through the 23.6% FIB and the $0.0000282 pivot would bring the first major support level at $0.0000268 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.0000250 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000268

Pivot Level: $0.0000282

First Major Resistance Level: $0.0000300

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

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.

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