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Shiba Inu Coin – Daily Tech Analysis – December 2nd, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin slid by 6.99% on Wednesday. Reversing a 4.81% rally from Tuesday, Shiba Inu Coin ended the day at $0.00004416.

A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00004883 before hitting reverse. Falling short of the first major resistance level at $0.0000534, Shiba Inu Coin slid to a late intraday low $0.00004355.

Steering clear of the first major support level at $0.0000424, however, Shiba Inu Coin moved back through to $0.000044 levels to limit the damage.

At the time of writing, Shiba Inu Coin was down by 2.92% to $0.00004287. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004425 before falling to a low $0.00004256.

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 $0.0000455 pivot to bring the first major resistance level at $0.0000475 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from $0.000045 levels. Barring another extended crypto rally, the first major resistance level and Wednesday’s high $0.00004883 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000508.

Failure to move through the $0.0000455 pivot would bring the first major support level at $0.0000422 into play. Barring an extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000040 levels. The second major support level at $0.0000402 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: $0.0000422

Pivot Level: $0.0000455

First Major Resistance Level: $0.0000475

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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