Shiba Inu (SHIB) Uptrend Slows, but Bulls Could Still Push Higher

Key Takeaways

• SHIB is progressing within wave (v), targeting new highs.
• The move above $0.00002677 has established a strong uptrend.
• Elevated RSI hints at potential short-term consolidation or retracement.

Shiba Inu (SHIB) has staged a strong recovery, breaking out of a prolonged corrective phase and progressing into a bullish Elliott Wave structure.

The price recently peaked at $0.000032 and consolidates as it advances within wave (v). Despite overbought conditions, momentum remains robust.

SHIB Price Analysis

The daily chart for SHIB demonstrates a significant breakout from its prolonged corrective phase, fueled by a well-defined Elliott Wave structure. After completing wave (iv) within a descending wedge, the price surged, confirming the start of wave (v) and pushing to a high near $0.000032 on Dec. 1. 

After a minor pullback, the price has returned to those levels and is now attempting to continue its upward trajectory.

As it forms its ending wave, the recent high could be its top in this advancement, but on the other hand, it could still have slightly more room to the upside. 

This rally highlights bullish momentum, breaking through prior resistance levels and signaling a potential continuation of the broader uptrend.

The Relative Strength Index (RSI) has moved into overbought territory, reflecting strong market sentiment and suggesting that a consolidation or pullback may occur before further upward movement.

Key Observations

• Wave (v) in Progress: SHIB has completed wave (iv) and is now advancing within wave (v) of the Elliott Wave structure.
• Breakout Confirmation: The price has decisively broken through resistance near $0.00002627, establishing a strong bullish trend.
• RSI Overbought: Elevated RSI levels indicate potential for short-term consolidation or retracement.

SHIB Price Prediction

The hourly chart shows the continuation of an impulsive Elliott Wave structure, progressing into wave (v). After breaking out from the prior consolidation near $0.00002677, SHIB established strong upward momentum, targeting higher Fibonacci levels.

Currently, the price is retracing slightly in wave (iv), consolidating near key support zones before potentially advancing further in wave (v).

Despite the temporary pullback, the broader bullish structure remains intact. Yesterday, the price decreased, signaling a brief pause in momentum and allowing room for another leg up as part of wave (v) to $0.000036. 

Key Levels to Watch

Support Levels:

• $0.00003076 (0.382 Fibonacci): Immediate support for maintaining the bullish trajectory in wave (v).
• $0.00002677 (0.5 Fibonacci): Stronger support zone and critical to preserve the Elliott Wave structure.
• $0.00002164 (0.618 Fibonacci): Key structural support, marking the base for a deeper retracement.

Resistance Levels:

• $0.00003364 (0.236 Fibonacci): Immediate resistance and the first target for wave (v).
• $0.00003580: Major resistance level marking the potential peak of wave (v).
• $0.00003800: Extended resistance zone and a likely local top if momentum accelerates.

A breakout above $0.00003364 would confirm the continuation of wave (v), aiming for the next Fibonacci targets.

However, failure to hold support at $0.00002677 could signal deeper consolidation or the beginning of a corrective phase.