Shiba Inu (SHIB) Price Spikes 32% in 24 Hours — More Upside Potential Ahead

Key Takeaways

• SHIB surged 400% in early March before correcting downward.
• Positive movement since September suggests a potential new bullish phase.
• A breakout to the $0.000025 target could confirm an uptrend in October.

The Shiba Inu (SHIB) price has experienced significant price swings in 2023, starting with a strong surge before entering a correction phase. Recently, SHIB has shown signs of a potential starting bull phase, with key resistance levels being broken.

SHIB Price Analysis

On March 4, Shiba Inu surged to $0.000045, its highest price since November 2021, marking a 400% increase from its February low.

However, by April 13, it retraced 60% to $0.000018, followed by a 52% rebound at the 0.618 Fibonacci level. Despite this bounce, bearish trends continued.

By May 29, SHIB hit $0.000029 before a downturn brought it to a low of $0.000012 on July 5.

Although it quickly bounced back with a 37% increase, a short-lived brief recovery led to a lower low of $0.000010 on August 5, with the daily chart RSI entering oversold territory.

The price swiftly rebounded to close at $0.000012, acting as horizontal support on Sept. 6. Positive movement from Sept. 18 resulted in a breakout above the descending channel and a breakout above its horizontal range on 26. 

SHIB reached a high of $0.000020 and remains on an upward trajectory, likely having started a new bullish phase.

SHIB Price Prediction

The hourly chart suggests that SHIB may have started an uptrend on Sept. 6, with two sub-waves forming and the price developing its wave 3 of the higher degree count. A further move to the 1.618 Fibonacci level at $0.000021 is needed to validate this scenario, but that might not happen immediately. 

Read more: Shiba Inu Price Prediction 2024

Because the price has overextended, we might see an immediate pullback to $0.000017 as wave 4 of a lower degree count before one more high brings SHIB to the 1.618 Fib extension.

Should the price action develop this way, we will get a strong confirmation of the larger starting uptrend. More upside is expected in October, with its next likely target at the $0.000025 area. 

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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