- Shiba Inu extends losing streak for third consecutive day on Sunday.
- SHIB price looks to the downside, towards the 38.2% Fibonacci fundamental support.
- The upside remains difficult, with 61.8% Fibonacci offering strong resistance.
Shiba Inu extends its bearish momentum on Sunday, despite underlying bearish sentiment in the cryptocurrency market.
By doing so, the SHIB price continues to trade within this week’s range, consolidating the corrective pullback from three-month highs of $0.00000950.
Shiba Inu’s daily chart also shows that the tide is turning again, as the market licks its wounds after the blow delivered by China.
The People’s Bank of China (PBoC) said on Friday that it was illegal to facilitate cryptocurrency trading.
As the new week begins, SHIB is moving within a tight range just above $0.0000070, losing more than 2% on the day and becoming vulnerable.
SHIB is bearish as long as it stays below the 61.8% Fibonacci retracement.
There was strong buying of the meme-based currency at $0.00000676, the 38.2% Fibonacci retracement of the recovery from the Sept. 7 low of $0.00000510 to the three-month high of $0.00000950.
In contrast, after DOGE shot up from the five-day lows, volume at the 61.8% Fibonacci retracement was strong, pushing the stock back under all major daily moving averages.
For the rally to continue, SHIB price must find a solid support point above the 61.8% Fibonacci at $0.00000781 on a daily close.
According to the 14-day RSI, the market has shifted downward and there is still room for further weakness.
SIHIB is once again looking to retest the 38.2% Fibonacci retracement if further selling occurs.
The 23.6% Fibonacci level of the at $0.00000612 will be exposed at a daily close below the latter level. That level will be the line in the sand for SHIB buyers. A break of that region will signal a resumption of the double-top bearish turn from levels near $0.00000950.