Analyst Says Shiba Inu is Stuck at Bull Market Support, and That’s Fine

Amidst the latest Shiba Inu price struggles, a seasoned market analyst insists the meme coin has not entirely lost bullish momentum.

Shiba Inu mirrors a broader market correction as bearish sentiments preside over proceedings. The second-largest meme coin by market cap has failed to retest its yearly high of $0.00004567, with the resistance at $0.00003343 proving insurmountable.

Furthermore, the asset has corrected over 11% in the past week and tested a multi-week low of $0.00001853 the previous week. Amidst the glaring price underperformance, a notable analyst maintains that Shiba Inu still possesses bullish potential.

Shiba Inu Is Fine: Analyst

In a Boxing Day commentary, notable analyst Cantonese Cat has insisted that Shiba Inu is fine. His analysis insinuated that the dog-themed meme coin had not lost bullish touch and could rebound from the dip.

The market commentator stated that Shiba Inu is just stuck around the 0.5 Fibonacci extension at $0.00002661. He noted that the token also struggles to rebound from the bull cycle band, finding solace in the $0.000022 major support zone.

Meanwhile, a chart accompanying Cantonese Cat’s analysis shows major support regions for Shiba Inu if the bearish turn persists. Furthermore, it also suggests Shiba Inu’s next major resistance levels if it regains bullish momentum.

What Next for Shiba Inu?

Per Cantonese Cat’s analysis, if the bearish momentum continues, Shiba Inu boasts a major support at the 0.382 Fibonacci extension around $0.000016434. This is the analyst’s first key support, but the bulls will likely find other minor support above this level. Notably, Shiba Inu will dump almost 25% of the current market price to reach $0.000016434.

However, a converse scenario would push the meme coin to greater heights, with the 0.618 Fibonacci level at $0.000031247 serving as first major resistance. Notably, an earlier analysis from Rose Premium suggested an upward Shiba Inu thrust would see the asset hit $0.00003082 and then $0.00003511 afterward.

Additionally, another analyst confirmed the level further. Asteks speculated that Shiba Inu would target $0.0000323, citing an imminent breakout from a bullish cup and handle pattern.

In the meantime, Shiba Inu trades at $0.00002178, down 2.6% in the past 24 hours.