Shiba Inu (SHIB) Price Pushes Upward, Nearing Bullish Breakout

Key Takeaways

• SHIB surged 400%, followed by steep corrections.
• $0.000019 serves as a pivot that could signal further upside or resistance.
• A possible higher high of $0.000023 if momentum persists.

Shiba Inu (SHIB) has experienced significant volatility, marked by sharp rallies and rapid declines. After reaching a high of $0.000045 in March, the price faced multiple corrections, with recent momentum hinting at a possible trend shift.

As SHIB forms critical support and resistance levels, the next move will determine if it can continue its uptrend or face renewed bearish pressure.

SHIB Price Analysis

On March 4, SHIB surged to $0.000045, marking its highest point since November 2021 and a 400% rise from its February low. However, by April 13, the price had retraced 60% to $0.000018 before rebounding 52% to the 0.618 Fibonacci level. Despite this recovery, bearish trends prevailed.

By May 29, SHIB had reached $0.000029, but it had declined to $0.000012 on July 5. Although it saw a quick 37% rebound, the recovery was short-lived, with the price hitting a new low of $0.000010 on Aug. 5.

At this point, the daily Relative Strength Index (RSI) entered oversold territory. SHIB then recovered to $0.000012, establishing horizontal support on Sept. 6.

Positive momentum followed, leading to a breakout from the descending channel and horizontal range on Sept. 18.

SHIB reached a high of $0.000021 on Sept. 28 but quickly reversed, falling 29% by Oct. 3.

The price then bounced 9% from the upper level of the horizontal support zone. This bounce could signal a retest of the broken resistance, potentially establishing new support for further upward movement.

SHIB Price Prediction

The hourly chart suggests that SHIB may have initiated an uptrend on Sept. 6, forming two sub-waves and developing wave three of a higher degree by Sept. 28.

However, the subsequent decline has threatened the five-wave pattern by re-entering wave one territory, raising concerns about the overall structure.

Two potential scenarios lie ahead, both suggesting some short-term upward movement.

SHIB may continue the five-wave pattern and reach a higher high at $0.000023, or it could form a lower high and consolidate within the horizontal support zone.

The pivot point to watch is around $0.000019, the projected minimum target for the current rise.

This was a slightly higher high than Oct. 6, which could indicate that SHIB is developing a five-wave pattern if the uptrend continues. 

However, similar downward momentum could resume if it faces resistance, signaling further bearish action.

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