Shiba Inu Might Plunge to $0.0000060 as Technicals Support Bearishness

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Briefly –

  • Shiba Inu appears to extend its losing attitude for a 3rd consecutive day today, Sunday.
  • SHIB seems ready for a south move to hit the vital 38.2% Fibonacci support.
  • Upside remains vague as 61.8% Fibonacci provides a massive resistance.

As the crypto market retains an underlying downtrend mood, SHIB continues with its bearish attitude for the 3rd consecutive day on Sunday. With that, SHIB maintained its range moves this week, consolidating the retracements from 3-month peaks at $0.00000950.

SHIB’s technical indicators seem to favor bearishness again. That comes as the total market struggles to recover from the blow by China. On Friday, the People’s Bank of China stated that cryptocurrency undertakings are illegal. For now, SHIB trades in a constricted range above $0.0000070, losing more than 2%. The meme token might be vulnerable to plunges in the coming week.

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SHIB Bears Cheerful Beneath Fibonacci 61.8%

The canine-themed token claimed massive bids around $0.00000676, 38.2% FIB retracement of the 7 September low recovery at $0.00000510 to the 3-month peaks of $0.00000950. Nevertheless, the surge from 5-day losses faced massive offers near the crucial 61.8% Fibonacci level at $0.00000781, knocking the asset back under all massive DMA.

However, to record continuous uptrends, the meme asset should secure a foothold by a daily candle close beyond the crucial 61.8% Fibonacci at $0.00000781. Meanwhile, the 14-day RSI pieced under the midline, confirming an additional room for weak Shiba Inu moves.

If selling pressure resurges, SHIB bears will eye to retest the 38.2% FIB mentioned earlier. Increased losses might expose the 23.6% Fibonacci of the $0.00000612 advance. That is the level of hope for Shiba Inu buyers. Breaching it will mean losses to the $0.0000060 target.

On the other side, the immediate resistance might emerge at the 50% Fibonacci near $0.00000729. The 21-day Moving Average hovers around this zone. If the meme token gathers upside momentum, the 61.8% Fibonacci at $0.00000781 might be challenging to crack.

With success, SHIB bulls can target $0.00000855, the 78.6% Fibonacci level. The token has to overpower this level to rally towards the massive obstacle at $0.00000950.

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