Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears


  • Shiba Inu extends the losing streak for the third straight day on Sunday.
  • SHIB price looks south towards the pivotal 38.2% Fib support.
  • Upside remains elusive with 61.8% Fib offering strong resistance.

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday.

In doing so, SHIB price maintains this week’s range trade, consolidating the corrective pullback from three-month tops of $0.00000950.

The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow.

The People's Bank of China (PBOC) said on Friday, the Chinese central bank, said it was illegal to facilitate cryptocurrency trading.

SHIB price is trading in a tight range just above $0.0000070, shedding over 2% so far, looking vulnerable starting out a fresh week.

SHIB bears remain hopeful whilst below Fib 61.8% level

The meme-based coin managed to find strong bids at $0.00000676, the 38.2% Fibonacci Retracement (Fib) level of the recovery from the September 7 lows of $0.00000510 to the three-month tops of $0.00000950.      

However, the recovery rally from five-day lows ran into strong offers at the critical 61.8% Fib level at $0.00000781, knocking off DOGE price back below all the major Daily Moving Averages (DMA).

However, for the upswing to extend, SHIB price needs to find a strong foothold above the critical 61.8% Fib level at $0.00000781 on a daily candlestick closing basis.

The 14-day Relative Strength Index (RSI) has pierced through the midline for the downside, changing course and signaling that there is room for additional weakness.

Therefore, SIHIB bears once again look to retest the abovementioned 38.2% Fib level on selling resurgence.

A daily closing below the latter will expose the 23.6% Fibo level of the same advance at $0.00000612. That level will be the line in the sand for the SHIB buyers, a breach of which will call for a resumption of the double top bearish reversal from near $0.00000950 levels.

SHIB/USDT: Daily chart

Alternatively, immediate resistance is envisioned at the 50% Fib level at $0.00000729, where the 21-DMA hangs around in close proximity.

Further up, the 61.8% Fib level at $0.00000781 will be a tough nut to crack if the upside momentum gathers steam.

SHIB bulls will then charge up to test $0.00000855, which is the 78.6% Fib level. Only a firm break above the latter could revive the uptrend towards a powerful barrier at $0.00000950.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP