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Shiba Inu – Daily Tech Analysis – October 11th, 2021

·2 min read

Shiba Inu

Shiba Inu fell by 1.95% on Sunday. Following a 2.02% decline on Saturday, Shiba Inu ended the week up by 205.72% to $0.00002617.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002506 before making a move.

Steering clear of the 38.2% FIB of $0.00002387 and the first major support level at $0.0000238, Shiba Inu rose to a mid-morning intraday high $0.00002788.

Falling short of the first major resistance level at $0.0003030, however, Shiba Inu briefly fell back to sub-$0.000026 levels before ending the day at $0.000026 levels.

At the time of writing, Shiba Inu was up by 0.53% to $0.00002631. A mixed start to the day saw Shiba Inu fall to an early morning low $0.00002580 before rising to a high $0.00002646.

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

For the day ahead

Shiba Inu would need to move back through the $0.00002640 pivot to bring the first major resistance level at $0.00002770 into play.

Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000027 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.00002831 would likely cap the upside

In the event of another breakout, Shiba Inu could test resistance at $0.000030 levels before any pullback. The second major resistance level sits at $0.0000292.

Failure to move back through the $0.00002640 pivot would bring the first major support level at $0.00002490 into play.

Barring another extended sell-off, however, Shiba Inu should avoid the second major support level at $0.00002360. The 38.2% FIB of $0.00002387 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.00002490

Pivot Level: $0.00002640

First Major Resistance Level: $0.00002770

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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