Shiba Inu rose by 0.14% on Wednesday. Following a 5.28% slide on Tuesday, Shiba Inu ended the day at $0.00002907.
A mixed start to the day saw Shiba Inu rise to an early morning intraday high $0.00003070 before hitting reverse.
Falling short of the first major resistance level at $0.00003130, Shiba Inu slid to a mid-morning intraday low $0.00002765.
The reversal saw Shiba Inu fall through the 23.6% FIB of $0.00002831.
Steering clear of the first major support level at $0.00002710, Shiba Inu broke back through the 23.6% FIB to end the day at $0.000029 levels.
At the time of writing, Shiba Inu was down by 1.10% to $0.00002875. A mixed start to the day saw Shiba Inu rise to an early morning high $0.00002923 before falling to a low $0.0002875.
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 $0.00002910 pivot to bring the first major resistance level at $0.00003060 into play.
Support from the broader market would be needed, however, for Shiba Inu to break back through to $0.000030 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.00003070 would likely cap the upside
In the event of another breakout, Shiba Inu could test resistance at $0.000035 levels before any pullback. The second major resistance level sits at $0.00003220.
Failure to move back through the $0.00002910 pivot would bring the 23.6% FIB of $0.00002831 and the first major support level at $0.00002760 into play.
Barring an extended sell-off, however, Shiba Inu should avoid the 38.2% FIB of $0.00002387. The second major support level at $0.00002610 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.00002760
Pivot Level: $0.00002910
First Major Resistance Level: $0.00003060
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.
This article was originally posted on FX Empire
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Shiba Inu – Daily Tech Analysis – October 14th, 2021