Key Takeaways
Shiba Inu (SHIB) is currently recovering from a prolonged downtrend, showing signs of a potential reversal.
The higher time frame analysis (daily chart) suggests a bottoming structure within a descending wedge, while the lower time frame (hourly chart) highlights a possible impulsive wave formation.
Fibonacci levels and Elliott Wave analysis indicate key support and resistance zones that could shape SHIB’s next major move.
SHIB Price Analysis
SHIB has been in a macro downtrend since its peak, forming a descending wedge pattern recently, but it has recently shown signs of a breakout.
The price reached a low of 0.00001078, aligning with the 0.786 Fibonacci retracement level, before rebounding. This suggests that a potential bottoming structure is forming.
A key resistance cluster exists in the 0.00001450 – 0.00001550 range, coinciding with the 0.618 Fibonacci retracement level.
Historically, this area has served as both support and resistance, making it a crucial decision point for the price.
If SHIB closes above this region, it could confirm a larger trend reversal, potentially targeting the 0.00001800 – 0.00002100 levels.
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The Relative Strength Index (RSI) on the daily chart remains neutral but is recovering from oversold conditions, indicating increasing buyer interest.
However, a rejection at the 0.618 Fibonacci level could lead to another retest of support at 0.00001269, aligning with the 0.236 retracement level.
SHIB Price Prediction
On the 1-hour chart, SHIB appears to be forming an Elliott Wave impulsive structure. The price is currently within Wave (v), targeting the 0.618 Fibonacci extension level at 0.00001531.
This level aligns with the larger resistance seen on the daily chart, making it a critical decision zone.
A short-term pullback is likely, with a corrective (a)-(b)-(c) wave expected to bring the price back to the 0.00001369 – 0.00001269 zone before resuming the uptrend.
If this correction holds above 0.00001269, it would confirm that the current move is part of a larger bullish wave sequence.
If SHIB successfully completes this correction, the next impulsive wave could target the 1.618 Fibonacci extension at 0.00001955, potentially leading to a breakout rally.
However, failure to hold 0.00001269 as support could invalidate this bullish scenario, leading to a deeper retracement towards 0.00001078.
Key Levels to Watch
- Immediate Resistance: 0.00001531 (0.618 Fibonacci retracement).
- Major Resistance: 0.00001955 (1.618 Fibonacci extension).
- Immediate Support: 0.00001369 (0.236 Fibonacci retracement).
- Critical Support: 0.00001269 (potential corrective wave target).
- Invalidation Zone: Below 0.00001078, confirming further downside potential.
SHIB’s next move will depend on whether it can hold above key support levels and sustain momentum through resistance.
If the structure remains intact, further upside toward 0.00001955 could be in play.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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