Shiba Inu Coin – Look Out for another Tumble if U.S Inflation Accelerates

This is the tech analysis for Shiba Inu Coin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s.

Shiba Inu Coin

Shiba Inu Coin slid by 6.27% on Thursday. Reversing a 1.96% gain from Wednesday, Shiba Inu Coin ended the day at $0.00003467.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00003731 before hitting reverse. While falling short of the first major resistance level at $0.0000379, Shiba Inu Coin broke through the 62% FIB of $0.000037.

The reversal, however, saw Shiba Inu Coin slide to a late intraday low $0.00003419. Shiba Inu Coin fell through the first major support level at $0.0000358 and the second major support level at $0.0000347.

Late in the day, Shiba Inu Coin briefly revisited $0.000035 levels before falling back through the second major support level to end the day at $0.0000346 levels.

At the time of writing, Shiba Inu Coin was up by 2.19% to $0.0003543. A mixed start to the day saw fall to an early morning low $0.00003455 before rising to a high $0.00003550.

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

For the day ahead

Shiba Inu Coin would need to move back through the $0.0000354 pivot to bring the first major resistance level at $0.0000366 and the 62% FIB of $0.000037 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break back through to $0.000036 levels. Barring an extended crypto rally, the first major resistance level and 62% FIB 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 $0.0000385.

Failure to move back through the $0.0000354 pivot would bring the first major support level at $0.0000335 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000323.

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: $0.0000335

Pivot Level: $0.0000354

First Major Resistance Level: $0.0000366

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700