SHIB’s 7% April Gain Minted Millionaires, Breakout Eyed in May

Shiba Inu (SHIB) closed April 2025 with notable progress, creating a wave of new millionaires. Although the broader crypto market stole the spotlight with a 10.31% surge, Shiba Inu managed to hold its ground.

The token posted a respectable 7% monthly gain, climbing past the $0.000012 barrier and briefly testing $0.00001343. This performance came as Bitcoin surged toward the $95,000 mark, helping boost investor confidence across altcoins.

Falling Wedge Breakout Fuels Optimism

SHIB’s recent price action has caught the eye of several technical analysts. One trader, SHIB KNIGHT, highlighted a falling wedge pattern on the SHIB/USDT chart. This setup usually indicates a reversal after a prolonged downtrend. The wedge pattern shows SHIB’s price tightening within downward-sloping trend lines, suggesting a breakout is near.

$SHIB 📈

Formation breakout target is around 0.000017

Other targets & supports are below👇🏻 pic.twitter.com/XjwApNEvcr

— $SHIB KNIGHT (@army_shiba) May 1, 2025

When SHIB KNIGHT did the analysis, SHIB was trading around $0.00001335, brushing against the breakout level. If the move is confirmed, SHIB could target $0.000017. That would represent a 26% gain from current levels.

Support levels traders are watching sit around $0.00001320 and $0.00001279. Key resistance levels lie near $0.00001494 and $0.00001574.

Descending Triangle Points to Reversal

Another analyst, Market Spotter, also sees bullish signs shaping up. According to their review, SHIB appears ready to break out of its long-term consolidation phase. The token has formed a descending triangle, with strong horizontal support around $0.00001050. Descending resistance remains near $0.00002500.

🚨 #SHIB READY FOR A BREAKOUT! 🚀

CHART SHOWS A POTENTIAL TREND REVERSAL WITH A STRONG UPSIDE MOVE COMING. 💥 WATCH FOR A BREAK ABOVE RESISTANCE TO CONFIRM BULLISH MOMENTUM! 📈 https://t.co/LwHOBPfwh6

— Market Spotter (@MarketSpotter) April 29, 2025

SHIB’s price making higher lows lately backs up the idea of a bullish trend change. A successful breakout above the triangle’s upper line could set SHIB on a trajectory toward $0.00008000. This would be a significant recovery for long-term holders.

Market Activity Shows Building Interest

SHIB’s market cap is still a solid $7.91 billion, even after a 5.01% dip over the past week. Coinglass derivatives volume slipped by 5.09% to $116.78 million, yet open interest rose slightly to $179.49 million. This mix of lower volume and higher open interest often suggests traders are positioning for a significant price movement.

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