Shiba Inu Coin – Daily Tech Analysis – November 25th, 2021

·2-min read

Shiba Inu Coin

Shiba Inu Coin tumbled by 9.69% on Wednesday. Following a 3.16% fall on Tuesday, Shiba Inu Coin ended the day at $0.00003786.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.00004285 before hitting reverse.

Falling short of the first major resistance level at $0.0000440, Shiba Inu Coin slid to a late afternoon intraday low $0.00003602.

Shiba Inu Coin fell through the first major support level at $0.0000405 and the second major support level at $0.000039.

More significantly, Shiba Inu Coin also fell through the 62% FIB of $0.000037 before briefly revisiting $0.000039 levels.

While breaking back through the 62% FIB, the second major support level at $0.000039 pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down up by 1.06% to $0.00003826. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003767 before rising to a high $0.00003841.

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

For the day ahead

Shiba Inu Coin would need to move through the $0.0000389 pivot to bring the first major resistance level at $0.0000418 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.

Barring another extended crypto rally, the first major resistance level and Wednesday’s high $0.00004285 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000457.

Failure to move through the $0.0000389 pivot would bring the 62% FIB of $0.000037 and the first major support level at $0.0000350 into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000035 levels. The second major support level sits at $0.0000321.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000350

Pivot Level: $0.0000389

First Major Resistance Level: $0.0000418

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

This article was originally posted on FX Empire

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