Shiba Inu Coin Faces Risk of sub-$0.000030 after Last Week’s Sell-Off
This is the tech analysis for Shiba Inu Coin. We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s.
Shiba Inu Coin
Shiba Inu Coin fell by 2.04% on Sunday. Reversing a 0.80% gain from Saturday, Shiba Inu Coin ended the week down by 15.88% to $0.00003078.
A bullish start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00003189 before hitting reverse. Falling short of the first major resistance level at $0.0000321, Shiba Inu Coin slid to a late intraday low $0.00003063.
Shiba Inu Coin fell through the first major support level at $0.0000307 before ending the day at $0.0000307 levels.
At the time of writing, Shiba Inu Coin was down by 0.36% to $0.00003067. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00003080 before falling to a low $0.00003031.
Shiba Inu Coin tested the first major support level at $0.00003030 early on.
For the day ahead
Shiba Inu Coin would need to move through the $0.0000311 pivot to bring the first major resistance level at $0.0000316 into play. Support from the broader market would be needed, however, would be needed for a break out from $0.0000315 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.00003189 would likely cap the upside. In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000033 levels before any pullback. The second major resistance level sits at $0.0000324.
Failure to move through the $0.0000311 pivot would bring the first major support level at $0.0000303 back into play. Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.0000295 levels. The second major support level at $0.0000298 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.0000303
Pivot Level: $0.0000311
First Major Resistance Level: $0.0000316
23.6% FIB Retracement Level: $0.000044
38.2% FIB Retracement Level: $0.000052
62% FIB Retracement Level: $0.000066
This article was originally posted on FX Empire
