Shiba Inu Coin
Shiba Inu Coin rallied by 15.68% on Monday. Following a 0.20% decline on Sunday, Shiba Inu Coin ended the day at $0.00004529.
A mixed start to the day saw Shiba Inu Coin fall to a mid-day intraday low $0.00003836 before making a move. Steering clear of the first major support level at $0.0000371, Shiba Inu Coin rallied to a late intraday high $0.00004589.
Shiba Inu Coin broke through the first major resistance level at $0.0000404, the second major resistance level at $0.0000417, and the third major resistance level at $0.000045 to end the day at $0.0000452 levels.
At the time of writing, Shiba Inu Coin was down by 2.30% to $0.00004425. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004577 before falling to a low $0.00004407.
Shiba Inu Coin left the major support and resistance levels untested early on.
For the day ahead
Shiba Inu Coin would need to avoid the $0.0000432 pivot to bring the first major resistance level at $0.0000480 into play.
Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.0000458 levels. Barring another extended crypto rally, the first major resistance level would likely cap the upside
In the event of an extended breakout, Shiba Inu Coin could test resistance at $0.000055 levels before any pullback. The second major resistance level sits at $0.0000507.
A fall through the $0.0000432 pivot would bring the first major support level at $0.0000405 into play. Barring an extended sell-off, however, Shiba Inu Coin should avoid the second major support level at $0.0000357. The 62% FIB of $0.000037 should limit the downside.
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: $0.0000405
Pivot Level: $0.0000432
First Major Resistance Level: $0.0000480
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