Amid the recent Shiba Inu price wars, a veteran market analyst insists that the meme coin has not completely lost its uptrend.
Shiba Inu reflects a broader market correction as bearish sentiment dominates proceedings. The second largest meme coin by market cap has failed to retest its yearly high of $0.00004567, with resistance at $0.00003343 proving insurmountable.
Furthermore, the asset has undergone a correction of over 11% in the past week and tested a multi-week low of $0.00001853 in the previous week. Amid the blatant price underperformance, a notable analyst claims that Shiba Inu still has upside potential.
Shiba Inu is doing well: analyst
On a Boxing Day commentWell-known analyst Cantonese Cat has insisted that Shiba Inu is doing well. His analysis suggested that the dog-themed meme coin had not lost its bullish touch and could recover from the decline.
The market commentator stated that Shiba Inu is currently stuck near the 0.5 Fibonacci extension at $0.00002661. He noted that the token is also struggling to recover from the bull cycle band and find solace in the key support zone at $0.000022.
Meanwhile, a chart accompanying Cantonese Cat analysis shows key areas of support for Shiba Inu if the bearish reversal continues. Furthermore, it also hints at Shiba Inu’s next major resistance levels as it regains bullish momentum.
What’s next for Shiba Inu?
According to analysis by Cantonese Cat, Shiba Inu has major support at the 0.382 Fibonacci Extension around $0.000016434 if bearish momentum continues. This is the analyst’s first major support, but bulls are likely to find further minor support above this level. In particular, Shiba Inu…
