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