17th Nov Shiba Inu Price Analysis – Another Day in the Red?

    The Shiba Inu price is $0.0000485 now and it would need to get back to $0.000050 levels to avoid another day in the red.

    Shiba Inu Coin fell 9.54% on Tuesday, ending the day at $0.00004834. It was a mess on Tuesday when early in the morning, the Shiba Inu surged to an intraday high of $0.00005351 before sliding to an intraday low of $0.0000452 late in the morning. Shiba Inu Coin fell through the day’s major support levels before finding support.

    Steering clear of sub-$0.000045 levels, Shiba Inu Coin briefly revisited $0.000050 levels before easing back. Shiba Inu Coin broke back through the third major support level at $0.0000465 to end the day at $0.000048 levels.

    The second major support level at $0.0000502 pegged Shiba Inu Coin back in the 2nd half of the day. At the time of writing, the Shiba Inu Coin is priced at $0.0000485.

    Shiba Inu Coin would need to bounce back through $0.000490 to bring the first major resistance at $0.0000528 into play. However, support from the broader market is required for Shiba Inu Coin to break out back to $0.000050 levels. Barring another extended crypto rally, the first major resistance level and Tuesday’s high $0.00005351 would likely cap the upside.

    In the event of a prolonged breakout, Shiba Inu can test resistance at the 38.2% FIB of $0.0000568. The second major resistance is at $0.0000573. A failure to return through the $0.000490 pivot would bring the first major support level at $0.000445 into play.

    However, to prevent another extended sell-off, Shiba Inu Coin should avoid sub-$0.0000400 levels. The second major support level at $0.0000407 should limit the downside.

    Technical Indicators:

    • First Major Support Level: $0.0000445
    • Pivot Level: $0.0000490
    • First Major Resistance Level: $0.0000528
    • 23.6% FIB Retracement Level: $0.00006987
    • 38.2% FIB Retracement Level: $0.00005680
    • 62% FIB Retracement Level: $0.00003700

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