Shiba Inu Coin Remains under Pressure in Spite of Saturday Support

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 rose by 0.80% on Saturday. Partially reversing a 4.80% slide from Friday, Shiba Inu Coin ended the day at $0.00003142.

A bearish start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.0000308 before making a move. Steering clear of the first major support level at $0.0000298, Shiba Inu Coin rallied to a mid-day intraday high $0.00003219.

Falling short of the first major resistance level at $0.0000328, however, Shiba Inu Coin slid back to $0.0000311 levels before finding support to end the day in positive territory.

At the time of writing, Shiba Inu Coin was up by 0.19% to $0.00003147. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003136 before rising to a high $0.00003151.

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 $0.0000315 pivot to bring the first major resistance level at $0.0000321 into play. Support from the broader market would be needed, however, would be needed for a break back through to $0.0000320 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.00003219 would likely cap the upside. In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000033 levels before any pullback. The second major resistance level sits at $0.0000329.

Failure to move back through the $0.0000315 pivot would bring the first major support level at $0.0000307 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000300 levels. The second major support level at $0.0000301 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000307

Pivot Level: $0.0000315

First Major Resistance Level: $0.0000321

23.6% FIB Retracement Level: $0.000044

38.2% FIB Retracement Level: $0.000052

62% FIB Retracement Level: $0.000066