Shiba Inu (SHIB) Price Outlook: Breakout Confirmed, Upside Potential Intact

Key Takeaways

• Descending wedge breakout suggests trend reversal potential.
• Key Fibonacci resistance at 0.786 retracement level.
• Wave structure indicates possible pullback before continuation.
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Shiba Inu (SHIB) has recently broken out of a descending wedge pattern, suggesting a potential shift in trend after an extended corrective phase.

The price trades within a key accumulation zone, making the next move crucial for defining the market’s direction.

The Elliott Wave structure and Fibonacci retracement levels indicate possible price targets and support areas to watch in the coming weeks.

SHIB Price Analysis

The 4-hour chart for SHIB shows a completed W-X-Y correction since it March 2024 peak of $0.000045, with the price bouncing off a major support level around 0.00001078.

This long-term corrective structure formed a descending wedge in December and was recently broken to the upside, confirming the potential for a new bullish phase.

The Relative Strength Index (RSI) indicates a recovery from oversold levels, suggesting growing momentum in favor of buyers.

SHIB faces immediate resistance at the 0.786 Fibonacci retracement level (0.00001504), which has historically acted as a strong supply zone.

A break above this level could open the door for further upside toward the 0.618 Fibonacci level (0.00002147), aligning with previous resistance areas.

However, failure to hold above the breakout zone may result in a retest of lower supports, with 0.00001078 and 0.00000683 acting as key defensive levels.

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For a confirmed uptrend, SHIB must establish a higher low and maintain above critical Fibonacci levels.

A decisive move beyond 0.00001560 would confirm a bullish continuation, targeting Fibonacci extensions in the 0.00001787–0.00001928 range.

SHIB Price Prediction

The 1-hour chart provides a closer look at SHIB’s short-term price movements, showing the development of a potential five-wave impulse.

The price has already completed waves (i), (ii), and (iii), with wave (iv) currently forming a corrective retracement.

If the structure holds, wave (v) could push the price toward the 0.00001560 region, completing the impulsive phase and validating the bullishness of its recovery.

However, a short-term pullback is likely after the next move higher to establish the first higher low.

The corrective ABC wave (a)-(b)-(c) could retest the 0.00001280–0.00001193 range before finding support for another bullish impulse.

If price action respects these levels, SHIB could begin a new leg higher toward Fibonacci extension levels of 0.00001660 and 0.00001787.

On the downside, a break below 0.00001193 would invalidate the immediate bullish setup and could trigger a deeper decline to 0.00001078.

The RSI suggests neutral momentum, meaning price action could remain volatile before a decisive breakout. A sustained move above the 0.00001420 Fibonacci level will be the next key confirmation for further upside.

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.