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Shiba Inu Coin – Daily Tech Analysis – October 26th, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin jumped by 17.4% on Monday. Following a 6.50% rally on Sunday, Shiba Inu Coin ended the day at $0.00004230.

A mixed start to the day saw Shiba Inu Coin fall to an early morning intraday low $0.00003499 before making a move.

While steering clear of the first major support level at $0.0000311, Shiba Inu Coin fell through the 23.6% FIB of $0.00003528.

Finding early support, however, Shiba Inu Coin rallied to a late intraday high $0.00004361.

Shiba Inu Coin broke through the first major resistance level at $0.0000428 before easing back.

At the time of writing, Shiba Inu Coin was down by 1.84% to $0.00004152. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004296 before falling to a low $0.00004100.

Shiba Inu Coin left the major support and resistance levels untested early on.

For the day ahead

Shiba Inu Coin would need to avoid the $0.0000403 pivot to bring the first major resistance level at $0.0000456 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out from Sunday’s ATH $0.00004463.

Barring an extended crypto rally, the first major resistance level would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000050 levels before any pullback. The second major resistance level sits at $0.0000489.

A fall through the $0.0000403 pivot would bring the first major support level at $0.0000370 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000317. The 23.6% FIB of $0.00003528 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000370

Pivot Level: $0.0000403

First Major Resistance Level: $0.0000456

23.6% FIB Retracement Level: $0.00003528

38.2% FIB Retracement Level: $0.00002950

62% FIB Retracement Level: $0.00002020

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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