Shiba Inu Coin
Shiba Inu Coin slid by 9.41% on Friday. Partially reversing a 12.81% breakout from Thursday, Shiba Inu Coin ended the day at $0.0000387.
A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000429 hitting reverse.
Falling short of the first major resistance level at $0.0000479, Shiba Inu Coin slid to a late morning intraday low $0.0000357.
The sell-off saw Shiba Inu Coin slide through the first major support level at $0.0000376 and the 62% FIB of $0.000037.
Finding late morning support, however, Shiba Inu Coin revisited $0.000041 levels before falling back to sub-$0.000040 levels.
In spite of the late pullback, Shiba Inu Coin avoided a fall back through the first major support level and the 62% FIB.
At the time of writing, Shiba Inu Coin was up by 0.98% to $0.00003908. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003821 before rising to a high $0.00003916.
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 $0.0000391 pivot to bring the first major resistance level at $0.0000425 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.
Barring another extended crypto rally, the first major resistance level and Friday’s high $0.0000429 would likely cap the upside
In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000463.
Failure to move back through the $0.0000391 pivot would bring the 62% FIB of $0.000037 and the first major support level at $0.0000353 into play.
Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000035 levels. The second major support level sits at $0.0000319.
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: $0.0000353
Pivot Level: $0.0000391
First Major Resistance Level: $0.0000425
23.6% FIB Retracement Level: $0.00006987
38.2% FIB Retracement Level: $0.00005680
62% FIB Retracement Level: $0.00003700
This article was originally posted on FX Empire