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Shiba Inu (SHIB) Daily Technical Analysis – 16 October

Shiba Inu moves early today after 48 hours of massive losses. The ‘Dogecoin competitor’ should rise above $0.000027 to avoid other retracements.

Shiba Inu (SHIB) lost 8.05% yesterday. With Thursday’s 5.7% plunge, the canine-themed crypto ended Friday hovering at $0.00002522. However, a mixed session earlier on the day saw the token falling to a morning intraday low of $0.00002333 before fluctuating.

The altcoin breached the initial support at $0.0000258 and the 2nd crucial support level near $0.0000241. The uncontrolled sell-off also had SHIB breaching the 38.2% Fibonacci of $0.00002387before surging to a late high of $0.00002756.

Meanwhile, the Shiba Inu failed to challenge the initial critical resistance at $0.0000294. Friday’s late bearish sessions had the meme crypto breaking the first support at $0.0000258 to close the day near $0.0000252 areas.

While writing this content, Shiba Inu trades at $0.00002556 after gaining 1.35%. However, early Saturday sessions saw the al declining to the morning low of 0.00002521 before climbing to the high at $0.00002589. The meme token did not test the massive resistance and support early on.

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SHIB’s Day Ahead

Shiba Inu should prevent a decline through the pivot at $0.00002540 to test the initial resistance at $0.00002740. However, the meme coin will depend on broad market support to conquer the obstacle at $0.000027.

Without a continuous rally, yesterday’s peak at $0.00002756 will prevent the asset from exploring higher highs. Scenarios of a new breakout might witness SHIB testing $0.000030 resistance before any correction. The 2nd crucial resistance locates at $0.0000296. Meanwhile, buyers should activate their actions for the token to overcome the 23.6% Fibonacci of $0.00002831.

Breaching the pivot at $0.00002540 will witness Shiba Inu hitting the 38.2% Fibonacci of $0.00002387 and the initial support at $0.00002320. However, SHIB should duck sub-$0.000022 without a continuous sell-off. The 2nd critical support is at $0.0000211.

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Is Shiba Inu missing the party towards an ATH by Bitcoin? You can share your thoughts below.

SHIB Technical Indicators

  • Initial critical support level – $0.0000232
  • Pivot level – $0.0000254
  • Initial crucial resistance level – $0.0000274
  • 6% Fibonacci retracement – $0.00002831
  • 2% Fibonacci retracement – $0.00002387
  • 62% Fibonacci retracement – $0.00001668