Shiba Inu Analyst Maintains Bullish Outlook for SHIB Despite Weekly Decline
- Shiba Inu fails to breach $0.00003343 resistance amid market correction
- Key support holds at $0.000022 level
- Fibonacci extensions suggest potential paths for price action
Despite experiencing an 11% decline over the past week and touching a multi-week low of $0.00001853, Shiba Inus market structure maintains elements of bullish potential according to seasoned analysts.
The meme coin currently faces resistance at $0.00003343, a level that has proven challenging to overcome in recent attempts.
Analyst Perspective and Technical Framework of Shiba Inu
Cantonese Cats Boxing Day analysis provides an intriguing perspective on Shiba Inus current market position. The analyst emphasizes that the tokens consolidation around the 0.5 Fibonacci extension at $0.00002661, combined with support at $0.000022, suggests a potential foundation for SHIB recovery rather than a complete loss of bullish momentum.
The Fibonacci extension levels offer a framework for understanding potential price movements in both directions. A bearish continuation could see SHIB test the 0.382 extension at $0.000016434, representing a 25% decline from current levels. Conversely, bullish momentum could drive the price toward the 0.618 extension at $0.000031247.
This analysis aligns with Rose Premiums earlier projection, which identified $0.00003082 and $0.00003511 as potential upside targets. The convergence of these analyses suggests that while SHIB faces near-term challenges, the technical structure maintains the potential for recovery, provided key support levels hold and market conditions improve.
Looking forward, Shiba Inus ability to maintain support at $0.000022 while establishing higher lows could provide the foundation needed for a sustained recovery. However, traders should remain mindful of broader market conditions and maintain appropriate risk management strategies given the assets historical volatility.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
