Shiba Inu (SHIB) has demonstrated notable bullish momentum, surging by 10% today. The daily chart reveals that SHIB is attempting to continue its broader upward trend after completing an ABC corrective structure, signaling potential for further price appreciation.
SHIB Price Analysis: Key Support and Resistance Levels
The daily chart shows SHIB recovering from a low of $0.00001946, where it found support near the 0.618 Fibonacci retracement of its prior impulse. This marks the conclusion of the ABC corrective wave, paving the way for the start of a bullish impulsive wave. Currently, SHIB is testing the horizontal resistance at the 0.382 Fibonacci level near $0.00002425, which is crucial for confirming a continuation of the uptrend.
A recent pullback formed a red candle, but the price respected the 0.5 Fibonacci retracement at $0.00002111, reinforcing it as a significant support zone. The Relative Strength Index (RSI) indicates rising momentum, though it remains below overbought levels, suggesting room for further upward movement.
SHIB Price Prediction: Bullish Momentum Ahead?
A breakout above the 0.382 Fibonacci level would likely trigger a larger uptrend, with potential resistance at higher price levels. The depth of the ABC correction hints that the next impulsive wave could propel SHIB above December’s high of $0.000033.
Short-Term Price Targets on the Hourly Chart
The hourly chart highlights an emerging five-wave impulsive structure. Wave (i) initially drove SHIB to $0.00002300, followed by a minor correction in Wave (ii) to $0.00002150. Wave (iii) is currently in progress, with strong bullish momentum pushing SHIB beyond local resistance. Fibonacci extensions suggest that Wave (iii) could target $0.00002790, followed by a corrective Wave (iv) retrace to $0.00002500 or $0.00002425.
If the bullish sentiment continues, Wave (v) may drive SHIB to or above $0.00002800, potentially reaching $0.00003000. However, the RSI’s approach to overbought territory warrants caution, as a downturn could occur if SHIB fails to maintain momentum. Should the price break below the ascending trendline at $0.00002150, further downside risks would materialize, potentially targeting $0.00001946.
Also Read: Shiba Inu (SHIB) Struggles Amid Bearish Trend, But Whale Activity Signals Potential Trend Reversal
Shiba Inu’s price is currently at a crossroads, with key resistance and support levels shaping the near-term outlook. Investors should stay vigilant as SHIB navigates through this critical phase.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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