Shiba INU coin

Shiba Inu – Daily Tech Analysis – October 12th, 2021

Shiba Inu

Shiba Inu rallied by 17.21% on Monday. Reversing a 1.95% decline from Sunday, Shiba Inu ended the day at $0.00003065.

A mixed start to the day saw Shiba Inu fall to an early morning intraday low $0.00002580 before making a move.

Steering clear of the first major support level at $0.0000238, Shiba Inu rallied to an early afternoon intraday high $0.00003203.

Shiba Inu broke through the first major resistance level at $0.0000277 and the second major resistance level at $0.0000292.

The breakout out also saw Shiba Inu break through the 23.6% FIB of $0.00002831 to end the day at $0.000030 levels.

At the time of writing, Shiba Inu was down by 2.58% to $0.00002986. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00003081 before falling to a low $0.00002953.

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

SHIBUSD 121021 Hourly Chart

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For the day ahead

Shiba Inu would need to avoid the $0.0000295 pivot to bring the first major resistance level at $0.0000332 into play.

Support from the broader market would be needed, however, for Shiba Inu to break out from Monday’s high $0.00003203.

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

In the event of another breakout, Shiba Inu could test resistance at $0.000040 levels before any pullback. The second major resistance level sits at $0.0000357.

A fall through the $0.0000295 pivot would bring the 23.6% FIB of $0.00002831 and the first major support level at $0.0000270 into play.

Barring an extended sell-off, however, Shiba Inu should avoid the second major support level at $0.0000233. The 38.2% FIB of $0.00002387 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.0000270

Pivot Level: $0.0000295

First Major Resistance Level: $0.0000332

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