After Wednesday’s bullish sessions, Shiba Inu required a move past $0.000040 to sustain a breakout. However, keeping the day’s pivot level would be necessary.
This article will evaluate Shiba Inu’s technical analysis. We will explore the coin’s price actions from yesterday, today’s Fibonacci’s, pivot levels, resistance, and support.
Shiba Inu (SHIB) increased by 1.96% yesterday to reverse Tuesday’s 1.39 loss. With that, the meme coin ended Wednesday at $0.00003699. After unpredictable moves early on the day, SHIB plummeted to $0.00003559, hitting an intraday low, before moving. However, the dog coin steered the initial critical support zone at $0.0000350. That way, Shiba Inu surged to $0.00003765, a mid-afternoon peak.
As the crypto failed to overcome the nearest resistance zone at $0.0000382, SHIB explored value areas at 62% Fibonacci of $0.0000370. However, a late retracement witnessed Shiba Inu plunging again to sub-$0.0000365 before securing support. Nevertheless, 62% of Fibonacci pegged the meme coin later on the day.
While writing this content, Shiba Inu hovered at $0.0003710 following a 0.30% surge. Meanwhile, a mixed start on Thursday saw the Dogecoin competitor declining to a morning low of $0.0000369 before climbing to $0.00003731.
Shiba Inu left its crucial resistance and support level untested. With that, the crypto broke through 62% Fibonacci of $0.000037.
Shiba Inu’s Day Ahead
For now, the Shiba Inu token had to avoid 62% Fibonacci at $0.000037 and pivot around $0.0000367 to explore the initial crucial resistance zone at $0.0000379. However, the canine-themed cryptocurrency would require broad market support to crack Wednesday’s peak at $0.0000376. The first critical resistance zone at $0.000038 may prevent further upswings.
Meanwhile, a continuous crypto rally will have SHIB testing the $0.000040 resistance zone. The 2nd crucial resistance area locates at $0.00000388.
Meanwhile, SHIB’s plunge through 62% Fibonacci of $0.000037 and pivot at $0.0000367 would have the crypto hitting the first massive support floor at $0.0000358. However, the altcoin can avoid the 2nd crucial support unless SHIB sees another continuous sell-off. Nevertheless, bears need a sustained plunge through 62% Fibonacci at $0.000037 for a short-term bearish trend.
SHIB Technical Indicators
- Support level – $0.0000358
- Pivot level – $0.0000367
- First crucial resistance level – $0.0000379
- 23.6% Fibonacci retracement level – $0.00006987
- 38.2% Fibonacci retracement level – $0.00005680
- 62% Fibonacci retracement level – $0.00003700