Shiba Inu fell by 2.02% on Saturday. Partially reversing an 18.89% breakout from Friday, Shiba Inu ended the day at $0.00002670.
A mixed start to the day saw Shiba Inu rise to a mid-morning intraday high $0.00003020 before hitting reverse.
While falling short of the first major resistance level at $0.00003100, Shiba Inu broke through the 23.6% FIB of $0.00002831.
The reversal, however, saw Shiba Inu slide back through the 23.6% FIB to a late afternoon intraday low $0.00002443.
Steering well clear of the first major support level at $0.0000221, however, Shiba Inu revisited $0.0000272 levels before falling back into the red.
At the time of writing, Shiba Inu was down by 1.09% to $0.00002641. A mixed start to the day saw Shuba Inu rise to an early morning high $0.00002698 before falling to a low $0.00002623.
Shiba Inu left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu would need to move through the $0.0000274 pivot to bring the 23.6% FIB of $0.00002831 and the first major resistance level at $0.0000303 into play.
Support from the broader market would be needed, however, for Shiba Inu to break out from the 23.6% FIB of $0.00002831.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.00003100 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 $0.0000339.
Failure to move through the $0.0000274 pivot would bring the 38.2% FIB of $0.00002387 and the first major support level at $0.00002380 into play.
Barring another extended sell-off, however, Shiba Inu should avoid the second major support level at $0.00002080.
Looking at the Technical Indicators
First Major Support Level: $0.00002380
Pivot Level: $0.00002740
First Major Resistance Level: $0.00003030
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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