Despite Shiba Inu's recent price struggles, an experienced market analyst insists that the meme coin hasn't lost its bullish momentum. Even amidst broader market corrections, Shiba Inu remains resilient, still showing signs of a bullish cycle.
Current State of Shiba Inu
Shiba Inu, the second-largest meme coin by market capitalization, has been unable to retest its yearly high of $0.00004567, with resistance at $0.00003343 proving too strong. Over the past week, the token has dropped by more than 11%, reaching a multi-week low of $0.00001853.
However, according to a prominent analyst, Shiba Inu still holds its bullish potential and could recover from its current dip.
Analysis: Shiba Inu Is on the Right Track
Market commentator Cantonese Cat claims that Shiba Inu is doing fine. According to his analysis, the meme coin is trading near the 0.5 Fibonacci retracement level at $0.00002661. He also highlighted that the token remains within the bullish cycle zone, finding key support at $0.000022.
The accompanying chart in his analysis identifies critical support and resistance levels, providing potential price directions for Shiba Inu if the bearish trend persists or if bullish momentum returns.
What’s Next for Shiba Inu?
According to Cantonese Cat, if the bearish trend continues, Shiba Inu has significant support at the 0.382 Fibonacci retracement level around $0.000016434. This level represents the first major point where bulls could step in, although it would mean a nearly 25% drop from the current price.
On the other hand, if Shiba Inu regains bullish momentum, the first major resistance lies at the 0.618 Fibonacci retracement level at $0.000031247. Earlier analyses by Rose Premium suggest that if Shiba Inu rises, it could reach $0.00003082 and later $0.00003511.
Another analyst, Asteks, speculates that Shiba Inu could target $0.0000323, referencing an imminent breakout from a bullish "cup and handle" pattern.
Current Shiba Inu Price
Currently, Shiba Inu is trading at $0.00002178, reflecting a 2.6% drop in the last 24 hours. Analysts remain optimistic about the token's recovery potential, provided it leverages key support and resistance levels effectively.
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