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Shiba Inu Coin – Daily Tech Analysis – October 18th, 2021

·2 min read

Shiba Inu Coin

Shiba Inu Coin rallied by 8.10% on Sunday. Following a 1.86% gain on Saturday, Shiba Inu Coin ended the week up by 6.11% to $0.00002777.

A mixed start to the day saw Shiba Inu Coin fall to a late intraday low $0.00002370 before making a move.

Shiba Inu Coin fell through the first major support level at $0.0000247 and the 38.2% FIB of $0.00002387.

A late rally, however, saw Shiba Inu Coin surge to a late intraday high $0.000002901 before easing back.

Shiba Inu Coin broke through the first major resistance level at $0.0000266 and the second major resistance level at $0.0000276.

The breakout also saw Shiba Inu Coin break back through the 38.2% FIB and through the 23.6% FIB of $0.00002831.

A late pullback, however, saw Shiba Inu Coin fall back through the 23.6% FIB to end the day at sub-$0.000028 levels.

Late in the day, the second major resistance level at $0.0000276 provided support.

At the time of writing, Shiba Inu Coin was down by 3.64% to $0.00002676. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00002798 before falling to a low $0.00002670.

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 $0.00002680 pivot to bring the first major resistance level at $0.00003000 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break out form the 23.6% FIB of $0.00002831.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.00002901 would likely cap the upside

In the event of another breakout, Shiba Inu Coin could test resistance at $0.000033 levels before any pullback. The second major resistance level sits at $0.00003210.

Failure to move back through the $0.00002680 pivot would bring the first major support level at $0.00002460 into play.

Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.00002150. The 38.2% FIB of $0.00002387 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.00002460

Pivot Level: $0.00002680

First Major Resistance Level: $0.00003000

23.6% FIB Retracement Level: $0.00002831

38.2% FIB Retracement Level: $0.00002387

62% FIB Retracement Level: $0.00001668

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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