Shiba Inu Daily Tech Analysis – 10 October

After Saturday’s bearishness, Shiba Inu has to move past levels at $0.000028 to support bullish movements in the day ahead.

Shiba Inu (SHIB) lost 2.02% of its value during Saturday sessions. That way, the meme token slightly reversed Friday’s 18.89% break out to end yesterday at $0.00002670. Mixed sessions at the start of the day had the coin rising to $0.00003020 before reversing.

However, the Dogecoin competitor sank 23.6 Fibonacci of $0.00002831. That was after failing to challenge the initial critical resistance at $0.00003100. With the correction, SHIB dropped during the afternoon, hitting an intraday low of $0.00002443.

However, the token revisited $0.0000272 before declining towards the red region. Such a revisit came after Shiba Inu kept away the initial support at &$0.0000221.

While writing this article, Shiba Inu trades at $0.00002686 after recording brief retracement over the past few sessions. Meanwhile, unpredictable price actions saw the canine-themed coin surging to an early intraday high at $0.00002698 before correcting towards $0.00002623. Keep in mind that the alt did not test its crucial resistance and support levels.

SHIB’s Day Ahead

For now, Shiba Inu has to overpower the pivot at $0.0000274 to test 23.6%Fibonacci ($0.00002831) and the first critical resistance near $0.0000303. However, the asset will have to rely on broader market support to conquer the 23.6%Fibonacci level.

Without an overall market rally, Saturday’s peak at $0.00003100 might prevent SHIB’s upsurges. However, another break-out will take SHIB up to test the resistance located at $0.000035 before pullbacks surface. The 2nd massive resistance stands at $0.0000339.

Failure to overpower pivot at $0.0000274 will see Shiba Inu at 38.2% Fibonacci of $0.00002387 before hitting the first support at $0.00002380. Meanwhile, excluding a continuous plummet, SHIB will not breach the support level around $0.00002080.

The crypto market has sustained a recovery mood over the last few days after recovering from China’s attack. The market mood afterward had SHIB rallying remarkably.

Technical Indicators

  • First critical support level – $0.00002380
  • Pivot level – $0.00002740
  • First critical resistance level – $0.00003030
  • 6% Fibonacci retracement – $0.00002831
  • 2% Fibonacci retracement – $0.00002387
  • 62% Fibonacci retracement – $0.00001668

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