TLDR
- SHIB broke out of two descending trendlines and is trading near $0.00001373
- Technical analysis shows SHIB completing a WXYXZ correction with wave (v) in progress
- Key resistance level at $0.0000145; breakthrough could trigger upside momentum
- Support zone between $0.0000126-$0.0000128 remains intact, providing bulls a strong base
- Despite 150 billion tokens dumped by hackers, the market has shown resilience
Shiba Inu, one of crypto’s popular meme coins, is showing signs of strength after completing a technical correction pattern. As of April 29, 2025, SHIB trades at approximately $0.00001363 with a market cap of around $8.13 billion.
The token has broken out of a descending wedge pattern formed since March 2024. This breakout signals the end of a long-term corrective structure that had been keeping prices suppressed.
Technical analysis reveals SHIB formed a large WXYXZ correction within this pattern, which completed on April 7 at $0.00001030. Since then, the price has rallied strongly and is now retesting a critical zone.
The current battle zone for SHIB lies between $0.00001265 and $0.00001516. This range has acted as both resistance and accumulation since March.
SHIB’s ability to hold above $0.00001265 is an early sign of strength for bulls. However, a decisive breakout above $0.00001516 would fully confirm the bullish reversal many traders are watching for.
Elliott Wave Structure Points to Higher Targets
On shorter timeframes, SHIB displays a clear Elliott Wave impulse structure currently in its fifth wave. After completing wave (iii) at $0.00001525, the price retraced to wave (iv) around $0.00001317.
This pullback appears healthy and expected within the broader pattern. SHIB 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 confirmation of this continuation, traders are watching for a sustained move through $0.00001418. The Relative Strength Index (RSI) has reset from its previous peak, hovering around neutral territory. This leaves room for upward movement without immediately hitting overbought conditions.
The RSI on the 4-hour chart trends upward but remains below overbought levels, suggesting further upside remains possible before a significant correction would be needed.
The bullish outlook remains intact as long as SHIB stays above $0.00001257. This level represents the 0.5 Fibonacci retracement of the current impulse wave.
Daily trading volume has climbed to $220.37 million, a 15.32% increase. This rising volume supports the technical breakout thesis and suggests growing interest from traders.
Market Resilience Despite Hacker Activity
A recent security incident involving the dump of 150 billion SHIB tokens by hackers has added risk to the market. Reports indicate that over 1,050 ETH from the exploit was funneled through TornadoCash.
Hackers still control approximately $25.5 million in crypto assets. Despite this negative pressure, SHIB tokens have shown surprising resilience.
The market’s strong reaction suggests underlying demand may be absorbing the selling pressure. This resilience has encouraged analysts to maintain their bullish outlook on the token.
Daily token burns have also spiked by over 1,500%, according to recent data. This reduction in circulating supply could help offset some of the selling pressure from the hack.
The token burn mechanism, combined with growing Shibarium network activity, continues to strengthen SHIB’s fundamentals even amid external challenges.
From a trading perspective, the current setup offers bulls a relatively low-risk entry near current levels with tight invalidation points.
Key support for SHIB remains between $0.0000126 and $0.0000128. As long as this zone holds, the structure of higher lows remains intact.
If SHIB can overcome resistance at $0.0000145, analysts have set upside targets at $0.00001795 by late April and potentially $0.00003039 by early May. These targets would represent a 124% gain from current prices.
However, failure to break above $0.00001418 in the coming sessions could trigger another retest of support levels before resumption of the uptrend.
The broader crypto market sentiment will also play a crucial role in SHIB’s price action. With a strong correlation to Bitcoin at around 0.82, SHIB is likely to follow the market leader’s trajectory.
For now, SHIB tokens remain in focus as traders watch whether momentum, burn mechanics, and ecosystem growth can sustain the current upward pressure on price.
