Key Takeaways
- SHIB has completed a W-X-Y-X-Z correction.
- Price holds above key support at 0.00001350.
- Wave three breakout could target 0.00002200 and beyond.
Shiba Inu (SHIB) is exhibiting signs of renewed bullish momentum after completing a prolonged corrective phase.
The recent price action suggests a transition from accumulation to markup, with macro and micro structures aligning for potential upside.
With price consolidating just above a key support region, SHIB could prepare for a breakout, confirming the beginning of a larger impulsive rally.
SHIB Price Analysis
Over the past few months, SHIB has worked through a textbook W-X-Y-X-Z corrective structure, which found its base near the 0.00001071 level on April 7.
This area has acted as a long-term accumulation zone (highlighted in green), tested multiple times, and now confirmed as a major support range.
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Once this correction ended, SHIB formed a clear five-wave impulsive structure to the upside, peaking near the 0.0000176 level, indicating a possible wave (v) top of a higher-degree impulse.
We saw a descending channel pushing the price 20% down, but currently, the price is hovering above the 0.236 Fibonacci retracement level from the previous downtrend.
This is a crucial pivot zone, and SHIB’s ability to stay above it signals potential for trend continuation.
The Fibonacci retracements suggest successive resistance levels at 0.00001931 (0.382), 0.00002196 (0.5), 0.00002462 (0.618), all of which align with past structural highs and congestion zones.
The Relative Strength Index (RSI) on the 4-hour chart is in neutral territory, not overbought, which supports the idea of more upside potential without a sharp correction.
Additionally, price action has remained supported by a rising trendline, increasing the probability that this current move is not an isolated spike but rather part of a larger upward sequence.
The broader bullish structure remains valid if SHIB holds above the 0.00001300–0.00001400 zone.
SHIB Price Prediction
On the 1-hour chart, SHIB appears to be correcting its initial impulsive move, in a (a)-(b)-(c) correction, forming what may be wave two of a new bullish five-wave cycle.
The recent descending channel breakout is counted as wave (b), possibly forming a lower high around 0.00001620 before another dip for wave (c), completing the second wave.
Once wave two completes, likely between the 0.00001300–0.00001350 area, wave three could launch with higher targets.
Fibonacci projections based on wave one length suggest that wave three could aim for 0.00002196 (0.5), 0.00002462 (0.618), and even 0.00002839 (0.786 extension) in a full cycle.
These levels align with macro resistance and prior breakdown zones, making them logical targets for an aggressive wave three extension.
The RSI on this timeframe shows no signs of bearish divergence, and the market structure is setting higher lows, a good signal that bulls are stepping in aggressively.
If price breaks above 0.00001620 before the correction completes, it could signal that wave three has already started early, invalidating the retrace scenario and pushing toward targets ahead of schedule.
As long as SHIB stays above 0.00001307, the bullish outlook remains intact. If SHIB falls below 0.00001250, the bullish count would be at risk.
Key Levels To Watch
Support: 0.00001400, 0.00001307, 0.00001071
Resistance: 0.00001620, 0.00001931, 0.00002196, 0.00002462, 0.00002839
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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