Shiba Inu (SHIB) Price Rises 53% but Hits Rejection at Key Ascending Resistance Level

Key Takeaways

• SHIB’s current uptrend might target $0.000030 after recent gains.
• A symmetrical triangle suggests the potential for both breakout directions.
• A downside breakout could lead to a correction toward $0.000021.

Shiba Inu (SHIB) started a new uptrend on Nov. 8 after a bull flag signaled further uptrend continuation. Our previously set target at ascending resistance has been met, and the price shows signs of weakness.

The symmetrical triangle is being formed, signaling more upside potential is ahead.

SHIB Price Analysis

On March 4, Shiba Inu (SHIB) peaked at $0.000045, marking its highest level since November 2021 and achieving a 400% increase from its February low.

However, by April 13, the price had retraced by 60% to $0.000018 before rebounding 52% to the 0.618 Fibonacci level. Despite this recovery, bearish sentiment remained strong.

By May 29, SHIB reached $0.000029 but dropped to $0.000012 by July 5. A short-lived 37% rebound followed before a further decline brought the price to a new low of $0.000010 on Aug. 5.

At that point, the daily Relative Strength Index (RSI) indicated oversold conditions. SHIB then recovered to $0.000012, establishing horizontal support by Sept. 6. Positive momentum led to a breakout from the descending and horizontal channels on Sept. 18.

On Sept. 28, SHIB rose to $0.000021 but then reversed, falling 29% by Oct. 3. It bounced 9% from the upper level of the horizontal support zone, signaling a potential retest of the broken resistance and the formation of new support for future upward movement. 

As of Nov. 8, SHIB started a new uptrend, gaining 53% until yesterday, reaching a high of $0.000028. This was anticipated as the conclusion of the five-wave pattern from the August low, but the rise might continue.

SHIB Price Prediction

Examining the wave structure behind the last rise, we can see a lower-degree five-wave advancement was completed yesterday, after which SHIB dropped by 17% to a low of $0.000023.

It returned close to yesterday’s high today, only to drop again by another 11%. 

This price action could form a symmetrical triangle, with a lower high and a higher low seen after interacting with the ascending resistance target. In our previous analysis, we expected SHIB to reach these values and conclude the larger five-wave pattern, but now, as it did, one higher high could be ahead. 

Two more sub-waves are anticipated in the short term, further validating the symmetrical triangle before we see a decisive move. If the price has one higher high, a breakout to the upside will lead to a $0.000030 area. 

On the other hand, SHIB may have completed its larger five-wave pattern and is now entering a corrective stage. A breakout to the downside will confirm this outlook, eyeing a target of $0.000021. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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