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