🚀🚀🚀 #shibaInu Finds Stability at #bullmarket Support, Says Analyst
Shiba Inu Struggles Persist, But Analysts See Bullish Potential
- Shiba Inu ($SHIB ) continues to face price challenges amidst a broader market correction and bearish sentiment. Despite failing to reclaim its yearly high of $0.00004567, analysts suggest the meme coin retains bullish potential. Resistance at $0.00003343 remains a critical hurdle, while SHIB has corrected over 11% recently, testing a multi-week low of $0.00001853.
Analyst Perspective: Shiba Inu Still Holds Bullish Momentum
- In a Boxing Day update, market analyst Cantonese Cat expressed optimism about SHIB’s prospects, dismissing concerns over its recent underperformance. He noted that SHIB is consolidating near the 0.5 Fibonacci extension at $0.00002661, with strong support found at $0.000022, close to its current price of $0.00002234.
- Cantonese Cat emphasized that SHIB remains within the bull cycle band, hinting at a possible rebound. His analysis highlighted critical support and resistance levels, mapping potential price movements.
What’s Next for Shiba Inu?
- Cantonese Cat identified the 0.382 Fibonacci extension at $0.000016434 as a key support level if the bearish trend continues, marking a potential 26% decline from its current price of $0.00002220. However, minor support levels above this threshold could provide relief.
- On the bullish side, SHIB’s immediate target is the 0.618 Fibonacci level at $0.000031247, with additional resistance levels projected at $0.00003082, $0.0000323, and $0.00003511. Analysts, including Asteks, cite the potential for a breakout driven by a bullish cup-and-handle pattern, which could propel SHIB’s price upward.
Current Price and #MarketOutlook
- At $0.00002220, Shiba Inu is down slightly but holds a critical support level, suggesting a foundation for recovery. While bearish pressure lingers, analysts agree that SHIB’s long-term prospects remain intact, with the potential for a strong rebound in the near future.
