TLDR
- SHIB broke out of a descending wedge pattern, completing a complex WXYXZ correction
- Price is currently in wave (v) of an Elliott Wave impulse structure with targets at $0.00001490-$0.00001570
- SHIB market cap has reached $8.09B with daily trading volume climbing to $220.37 million
- Key resistance zone sits at $0.0000142-$0.0000145, crucial for confirming bullish trend
- Despite recent hacker dumps of 150 billion tokens, SHIB has shown resilience and maintained upward structure
Shiba Inu (SHIB) has broken free from its prolonged downtrend, showing signs of a technical breakout that could lead to a new rally. After forming a complex WXYXZ correction within a descending wedge pattern, SHIB has established a series of higher lows that point to gathering bullish momentum.
The meme token is currently trading near $0.00001373, up 2.21% in the last 24 hours. This places it in a critical zone between support at $0.00001265 and resistance at $0.00001516.
Technical analysis shows SHIB completed its corrective pattern on April 7 at $0.00001030. The breakout from the descending structure occurred on March 15, signaling the end of the long-term corrective phase.
The 4-hour chart reveals that after bottoming out, SHIB rallied strongly and is now retesting a zone that aligns with the 0.786 Fibonacci level at $0.000015.
Elliott Wave Structure Points to Higher Targets
A closer look at the 1-hour chart shows SHIB in an Elliott Wave impulse structure, currently entering its fifth wave. After completing wave (iii) at $0.00001525, the price retraced to wave (iv) at around $0.00001317.
This pullback appears healthy and expected within the larger structure. The token is now beginning the final wave (v), which could target the 1.618 Fibonacci extension at $0.00001490 or possibly the 2.0 extension at $0.00001570 if momentum picks up.
For traders, a move through $0.00001418 would be the first confirmation of this continuation pattern. The Relative Strength Index (RSI) has reset from its previous peak and hovers around the neutral zone, leaving room for upward movement.
A key invalidation level sits at $0.00001257. A drop below this point would end the short-term bullish outlook.
Daily trading volume for SHIB has climbed to $220.37 million, representing a 15.32% increase. Meanwhile, its market cap has risen to $8.09 billion, reflecting growing interest in the token.
Resilience Against Hacker Activity
The token has shown remarkable resilience despite recent challenges. A concerning development involved hackers dumping 150 billion SHIB tokens into the market. Over 1,050 ETH from this exploit was funneled through TornadoCash, with hackers still controlling about $25.5 million in crypto assets.
Despite this selling pressure, the market reaction has been surprisingly strong. This resilience may be partly attributed to increased token burning activity, which has reportedly spiked by over 1,500%, strengthening SHIB’s tokenomics.
For SHIB to maintain its upward momentum, it must overcome the resistance zone between $0.0000142 and $0.0000145. A successful breakout here could validate the bullish trend and potentially send the token toward higher targets.
Some analysts have set ambitious upside targets at $0.00001795 by April 29 and possibly $0.00003039 by May 1, which would represent a 124% gain from current prices.
The 14-day RSI currently sits at 64.47, indicating strength while still leaving room for growth before entering overbought conditions.
If SHIB fails to break resistance and selling resumes, the price may retest support around $0.0000126. The key battleground remains the zone between the current support and resistance levels.
SHIB continues to maintain an upward structure with higher lows and strong on-chain signals, bolstered by Shibarium adoption and a growing holder base.
The price is now at a critical juncture. Holding above $0.00001265 support is crucial for bulls, while a clean breakout above $0.00001516 would fully confirm the bullish reversal that many traders are anticipating.
As of April 29, 2025, SHIB trades near the $0.00001373 level as traders watch for confirmation of the next major move in this popular meme token.
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