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Shiba Inu Coin – Daily Tech Analysis – December 6th, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin fell by 0.47% on Sunday. Following a 9.92% slide on Saturday, Shiba Inu Coin ended the week down by 7.38% to $0.00003626.

A mixed morning saw Shiba Inu Coin rise to an early morning intraday high $0.00003833 before hitting reverse. While falling short of the first major resistance level at $0.0000413, Shiba Inu Coin briefly broke through the 62% FIB of $0.000037.

The reversal, however, saw Shiba Inu Coin fall to a mid-afternoon intraday low $0.00003424.

Steering clear of the first major support level at $0.0000308, Shiba Inu Coin found late support to end the day at $0.000036 levels.

At the time of writing, Shiba Inu Coin was down by 3.94% to $0.00003483. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00003630 to a low $0.00003466.

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 $0.0000363 pivot and the 62% FIB of $0.000037 to bring the first major resistance level at $0.0000383 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break back through to $0.000038 levels. Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.00003833 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 $0.0000404.

Failure to move through the $0.0000363 pivot would bring the first major support level at $0.0000342 into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000300 levels. The second major support level at $0.0000322 should limit the downside.

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: $0.0000342

Pivot Level: $0.0000363

First Major Resistance Level: $0.0000383

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

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