Shiba Inu Looks Weak—But Hides A 2,000% End-Cycle Breakout: Analyst

Charting Guy, a popular technician, believes Shiba Inu (SHIB) is currently weak and unlikely to experience significant gains until late in the crypto cycle. He suggests SHIB is underperforming compared to other cryptocurrencies like Bitcoin and Ethereum, based on his market structure analysis. His weekly chart analysis places SHIB below key Fibonacci retracement levels, indicating a lack of strong upward momentum. The chart identifies potential resistance levels, including $0.000016, $0.000022 and $0.000031. He projects a potential late-cycle, near-vertical price advance, but it occurs after a prolonged period of consolidation. The chart suggests that a rise to $0.00022 could still result in substantial gains for SHIB. Charting Guy's analysis suggests that SHIB’s gains, if any, will be realized later in the cycle, after other leading cryptos establish themselves. He expects the market to favor quality cryptocurrencies over speculative ones initially. The technician's assessment of SHIB suggests a potential for future growth, but with a delayed timeline. At the time of the analysis, SHIB was trading around $0.00001046, below the initial Fibonacci levels.