Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is weathering a storm of bearish sentiment.
Despite struggling to retest its yearly high of $0.00004567 and facing resistance at $0.00003343, seasoned analysts argue the token remains fundamentally bullish. Let’s dive into the latest analysis and what it could mean for SHIB’s future.
Current Price Struggles
Shiba Inu has seen an 11% correction over the past week, testing a multi-week low of $0.00001853. Its inability to overcome key resistance levels highlights the broader market’s bearish momentum.
However, Cantonese Cat, a notable analyst, insists SHIB hasn’t lost its bullish potential.
He notes that Shiba Inu is currently stuck at the 0.5 Fibonacci extension level of $0.00002661. This technical level often signals a consolidation phase in bullish cycles.
Moreover, SHIB appears to be holding its ground at the $0.000022 support zone, suggesting it is still in a favorable position for a rebound.
Table: Key Fibonacci Levels for SHIB
| Level | Price | Significance |
|---|---|---|
| 0.618 (Resistance) | $0.000031247 | First major bullish target |
| 0.5 (Current Level) | $0.00002661 | Current consolidation zone |
| 0.382 (Support) | $0.000016434 | Major bearish support zone |
What’s Next for Shiba Inu?
The future of Shiba Inu depends on whether it breaks out of its current consolidation or continues downward. Cantonese Cat’s analysis highlights two potential scenarios:
- Bearish Continuation: If bearish pressure persists, Shiba Inu could drop to its first major support at the 0.382 Fibonacci extension ($0.000016434). This would represent a 25% decline from current levels.
- Bullish Rebound: On the flip side, SHIB could rally to test its next major resistance at the 0.618 Fibonacci level ($0.000031247). Further upward momentum could see it challenge higher targets such as $0.00003511 or even $0.00004567.
Supporting Analyses
- Asteks’ Breakout Prediction: Analyst Asteks has identified a bullish “cup and handle” pattern, suggesting an imminent breakout could propel SHIB to $0.0000323.
- Rose Premium’s Targets: Another analysis by Rose Premium aligns with these predictions, forecasting potential upward moves to $0.00003082 and $0.00003511.
Bull Market Support
Cantonese Cat emphasizes that Shiba Inu remains anchored at the bull cycle band, finding stability at its $0.000022 support zone.
This band serves as a safety net, giving SHIB room to rebound. The meme coin’s current position reflects a phase of accumulation rather than a bearish freefall.
While Shiba Inu faces challenges, it hasn’t lost its bullish potential. Its current consolidation at critical Fibonacci levels suggests that the token could be gearing up for a significant move—either breaking downward to key support at $0.000016434 or rebounding to test higher resistances like $0.000031247.
Investors should monitor these levels closely as SHIB navigates its next steps in a volatile market.
