Shibu Inu's (SHIB) Market Capitalization Soars to $8.13 Billion after 12% Surge
New and Improved Take on Shiba Inu (SHIB)!
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Table of Contents
** hidden-QIYIU Tips and Predictions:**
- Shiba Inu (SHIB) is buzzing after breaking free from a two-year downtrend, trading around $$0.00001358**
- Experts see SHIB completing an intricate Elliott Wave pattern with upward thrust expected
- Key resistance at $$0.0000148; breaching this barrier could jumpstart a bull run
- Steadfast support lurks between $$0.0000127-$0.0000129; bulls continue to find solid ground
- Despite a colossal 150 billion tokens being swiped by cyber thugs, the market shows remarkable resilience
In the Limelight: Shiba Inu's Square Dance
One of the crypto world's beloved meme coins, Shiba Inu, is making moves that have folks talking. As of late April 2025, SHIB's value clocks in at approximately $$0.00001358 with a market capitalization of around $9.01 billion.
SHIB's price has scampered out of a long-standing downward slope, a wedge pattern that had stomped on prices since March 2024. This breakout suggests the end of a lengthy, restrictive trend that kept prices suppressed.
A peek under the hood, courtesy of technical analysis, reveals SHIB has formed an intricate Elliott Wave pattern within this wedge. The dance ends at $$0.00001025 in early April. Since then, SHIB has charged ahead strongly, now testing a crucial battleground.
Some call the area between $$0.00001270 and $$0.00001517 the "dance floor." Since March, this level has taken on the roles of both resistance and accumulation.
SHIB's ability to skate above $$0.0000127 holds weight as an early signal of strength for the bulls. Nevertheless, a convincing assault above $$0.00001517 would undeniably confirm the reversal many traders have been eagerly waiting for.
Elliott Wave Says Let's Dance
On a shorter timeframe, SHIB flaunts a clear Elliott Wave structure now in its fifth wave. After closing shop at $$0.00001525 (iii), SHIB tangoed back to $$0.00001317 (iv).
This jig seems healthy and par for the course in the grand scheme of things. Now, SHIB is kicking off the final wave (v), which could moonwalk to $$0.00001490 (Fib extension 1.618) or hustle all the way to $$0.00001570 (Fib extension 2.0) if energy levels remain strong.
Witnessing a sustained advance through $$0.00001418 is a green light for traders. The RSI has swung back into single digit territory, hovering around neutral waters. This leaves plenty of room for the jive to go up without immediately facing overbought conditions.
The RSI on the 4-hour chart is inching upward but still short of overbought territories, suggesting more dancing is in store before a major correction is needed.
The bullish vibe stays alive as long as SHIB stays above $$0.00001257. This number represents the 0.5 Fibonacci retracement of the current wave.
Trading volume has swelled, clocking $$220.37 million, a 15.32% increase. This increasing volume signifies robust support for the technical breakout theory and hints at surging trader interest.
Market Shakes Off Hacker Havoc
Recently, a security issue surfaced with the dumping of 150 billion SHIB tokens by sneaky hackers. Recaps reveal that a whopping 1,050 ETH from the exploit was routed through TornadoCash.
The scoundrels still harbor about $25.5 million in digital assets. Even with this skulduggery muddying the waters, SHIB has proven shockingly resilient.
Market analysts perceive the robust response as a signal of underlying demand mopping up the selling pressure. This resilience nudges analysts to maintain their optimistic outlook on the token.
SHIB's token burn mechanism has surged by over 1,500%, as per recent findings. This reduction in circulating supply may help negate some of the sell pressure from the break-in.
The token burn mechanism, coupled with burgeoning Shibarium network activity, strengthens SHIB's fundamentals despite the external threats.
In terms of trading, the current setup presents longs with a relatively risk-light entry near recent prices with tight stop-loss points.
Key support for SHIB lingers between $$0.0000127 and $$0.0000129. As long as this area remains solid, the model of higher lows continues to stand firm.
If SHIB can execute a takeover of $$0.0000145, analysts roll out price targets around $$0.00001795 by late April and potentially $$0.00003039 by early May. These numbers represent a potential increase of 124% from current prices.
However, failure to bull-rush $$0.00001418 positions SHIB for a return trip to support levels prior to resuming the uptrend.
The broader crypto market pulse plays a critical role in SHIB's price action. With a solid correlation to Bitcoin at around 0.82, SHIB generally follows Bitcoin's lead.
For now, all eyes are on SHIB as traders observe if momentum, burn mechanics, and ecosystem growth can keep the current upward push alive.
Come Join the Dance Floors!
- The sudden surge in Bitcoin's price, along with the trends in the technology sector, has created a buzz in the finance world, attracting a growing number of investors.
- Many experts believe that Shiba Inu (SHIB), having broken free from a two-year downtrend, might be an underestimated asset, with its current price around $0.00001358.
- Investors who keep a close eye on the Elliott Wave patterns will find the dance between SHIB and the $0.0000148 resistance level fascinating, as a breakthrough could lead to an overbought situation in the coin.
- As the Shibarium network activity increases and the token burn mechanism reduces the circulating supply, SHIB's fundamental strength is becoming more evident, making it an interesting player in the crypto finance world.
