Amidst the latest Shiba Inu price struggles, a seasoned market analyst insists the meme coin has not entirely lost bullish momentum.
Shiba Inu($SHIB
mirrors a broader market correction as bearish sentiments preside over proceedings. The second-largest meme coin by #marketcap 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 Catās analysis shows major support regions for Shiba Inu if the bearish turn persists. Furthermore, it also suggests Shiba Inuās next major resistance levels if it regains bullish momentum.