Shiba Inu Coin – Daily Tech Analysis – December 4th, 2021

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Shiba Inu Coin

Shiba Inu Coin fell by 4.22% on Friday. Following a 4.39% loss on Thursday, Shiba Inu Coin ended the day at $0.00004043.

After a mixed morning, Shiba Inu Coin rose to a mid-day intraday high $0.00004489 before hitting reverse. Shiba Inu Coin broke through the first major resistance level at $0.0000440 before sliding to a late intraday low $0.00003897.

Shiba Inu Coin fell through the first major support level at $0.0000407 and the second major support level at $0.0000393. Steering clear of the 62% FIB of $0.000037, however, Shiba Inu Coin broke back through the second major support level to end the day at $0.000040 levels. The first major support level at $0.0000407 pegged Shiba Inu Coin back late in the day.

At the time of writing, Shiba Inu Coin was down by 2.05% to $0.00003960. A mixed start to the day saw Shiba Inu Coin rise to an early morning high $0.00004054 before falling to a low $0.00003946.

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 $0.0000414 pivot to bring the first major resistance level at $0.0000439 into play.

Support from the broader market would be needed, however, would be needed for Shiba Inu Coin to break out from $0.000042 levels. Barring an extended crypto rally, the first major resistance level and Friday’s high $0.0004489 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000474.

Failure to move through the $0.0000414 pivot would bring the first major support level at $0.0000380 into play. Barring an extended sell-off, however, Shiba Inu Coin should the second major support level at $0.0000355. 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: $0.0000380

Pivot Level: $0.0000414

First Major Resistance Level: $0.0000439

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

Source: https://www.fxempire.com

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