Shiba Inu Price Outlook: SHIB Breaks Resistance—How Far Can This Rally Go?
Shiba Inu (SHIB) Breakout: Can This Meme Coin Rally to New Highs?
Shiba Inu (SHIB) is making waves in the crypto market, breaking out of a descending wedge pattern—a strong signal of a potential trend reversal after months of correction. But can SHIB sustain this momentum and rally higher?
Let’s dive into the key technicals and price predictions.
SHIB Price Analysis: Is the Bullish Phase Just Beginning?
SHIB recently completed a W-X-Y corrective phase from its March 2024 peak of $0.000045, bouncing off a major support level at $0.00001078. This long-term correction formed a descending wedge pattern, which SHIB has just broken to the upside—often a precursor to a bullish reversal.
Momentum Is Shifting in Favor of Bulls
- The Relative Strength Index (RSI) has recovered from oversold territory, signaling increasing buying momentum.
- Immediate resistance sits at 0.00001504 (the 0.786 Fibonacci retracement level)—a key supply zone that SHIB must break for further upside.
- If SHIB clears this level, the next major target is 0.00002147 (the 0.618 Fibonacci retracement), a historical resistance zone.
However, if SHIB fails to sustain above the breakout zone, lower supports at 0.00001078 and 0.00000683 could come into play.
For a confirmed bullish trend, SHIB must establish a higher low and hold above key Fibonacci levels. A decisive move above 0.00001560 could set the stage for an extended rally toward 0.00001787–0.00001928 (Fibonacci extensions).
SHIB Price Prediction: Where Could It Go Next?
Looking at the short-term structure on the 1-hour chart, SHIB appears to be forming a classic five-wave impulse pattern:
- Waves (i), (ii), and (iii) are completed.
- Wave (iv) is in a corrective retracement phase.
- If wave (v) follows through, SHIB could rally toward 0.00001560, marking the end of this bullish impulse.
Short-Term Pullback Before Another Leg Up?
After hitting the wave (v) target, SHIB may see a corrective ABC pullback, potentially retesting the 0.00001280–0.00001193 zone. If this area holds, another bullish push toward 0.00001660 and 0.00001787 could be on the horizon.
However, a break below 0.00001193 would invalidate this setup, opening the door for a deeper decline to 0.00001078. Right now, RSI signals neutral momentum, meaning volatility could remain high before a decisive breakout.
Key Levels to Watch
🚀 Immediate Resistance: 0.00001504 (0.786 Fibonacci retracement)
🔥 Key Resistance: 0.00001560 (Wave (v) target)
📈 Major Resistance: 0.00001787–0.00001928 (1.618–2.0 Fibonacci extensions)
📉 Immediate Support: 0.00001280–0.00001193 (0.236 Fibonacci retracement)
🛑 Critical Support: 0.00001078 (Long-term support zone)
🎯 Breakout Target: Above 0.00001787 if bullish momentum sustains
⚠️ Invalidation Zone: Below 0.00001078, signaling further downside risk
Final Thoughts
SHIB’s breakout from a descending wedge is a promising sign, but the battle isn’t over. Breaking past 0.00001504 is crucial for confirming a strong uptrend, while failure to hold support could trigger another leg down.
With key resistance levels in play and Fibonacci extensions signaling possible targets, all eyes are on whether SHIB can maintain its momentum. If bullish sentiment continues, the next leg up could be explosive.
Are you ready for SHIB’s next move? Stay tuned!
