Analyst Says Shiba Inu Now Retesting the Ichimoku Cloud After Rejection
Shiba Inu has corrected considerably in the past 24 hours, with an analyst suggesting the meme coin is now retesting the Ichimoku Cloud.In the latest Shiba Inu news, the asset has faced massive downsides amidst a broader market capitulation. For context, the dog-themed meme coin is down 13% in the past 24 hours following Bitcoins brief drop below $95,000 on Monday.Shiba Inu traders saw substantial liquidations, as $12.6 million worth of positions were affected. However, analyst Cantonese Cat has suggested that Shiba Inus capsize results from a rejection from a strong resistance.Shiba Inu Rejected from Fibonacci ExtensionIn a Monday analysis, Cantonese Cat stated that Shiba Inu is at a major crossroads following yesterdays dump. The analyst tied the market capitulation to a rejection from the 0.618 Fibonacci extension around $0.000031247.Notably, Shiba Inu faced strong resistance on Sunday when it surged to the $0.00003343 price zone. The meme coins bullish outburst could not surmount the supply zone, with the asset correcting over 16% from the level.With the rejection, Cantonese Cat shares a SHIB weekly chart suggesting that Shiba Inu is now retesting the Ichimoku Cloud. Notably, the Ichimoku Cloud shows market trends and major support and resistance levels.
Text source: The Crypto Basic
