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The Shiba Inu (SHIB) cryptocurrency may be poised to reclaim its former price highs. A renowned crypto analyst, known as the ‘Charting Guy,’ has identified a unique symmetrical triangle pattern on SHIB’s price chart. This pattern hints at a potential breakout that could propel Shiba Inu to rally more than 200% from its current price.
Shiba Inu Triangle Pattern Points To Breakout
On September 23, the Charting Guy shared a new trend pattern for Shiba Inu’s price chart on X (formerly Twitter). The chart revealed three wave patterns and several Fibonacci retracement levels that served as resistance and support zones for SHIB’s price.
Wave Patterns and Fibonacci Levels
In the first and second waves, Shiba Inu’s price exhibited various fluctuations, followed by a brief upward momentum before declining again. Now in the third wave, which the analyst predicts will be explosive, SHIB has formed a historical symmetrical triangle pattern. This formation could trigger a significant surge to new highs at $0.0000493, marking a 244% rally.
Currently trading at $0.0000143, Shiba Inu faces its next key resistance at the 0.382 Fibonacci retracement level, near $0.0000164. If the meme coin fails to surpass this resistance, the 0.236 Fibonacci retracement level at $0.000011 could provide robust support.
Conversely, exceeding the resistance at $0.0000164 could propel SHIB’s price to $0.0000226. Additional resistance is expected at the 0.618 and 0.702 Fibonacci retracement levels, around $0.0000312 and $0.0000392, respectively.
Potential for Higher Gains
If Shiba Inu successfully breaks through these crucial levels, the cryptocurrency could see an explosive surge to $0.0000493, surpassing its previous March high of around $0.000045. According to the Charting Guy, this level isn’t the highest SHIB can reach based on the symmetrical triangle pattern. If SHIB breaks above the 0.888 Fibonacci retracement level at $0.0000651, it could potentially skyrocket to new all-time highs at $0.0000884, aligning with the 1 Fibonacci retracement level and marking a massive rally of approximately 518%.
However, if SHIB fails to surpass this critical level, it is likely to find support at the 0.786 Fibonacci retracement level of $0.00004936.
SHIB Price Analysis
Supporting the optimistic outlook for Shiba Inu, the cryptocurrency has been on a steady upward trajectory. In the past week, SHIB’s price increased by an impressive 8.91%. However, it has recently retraced some of those gains, experiencing a 1.52% decline in the last 24 hours.
Earlier in March, Shiba Inu witnessed a significant rally, positioning it as one of the top gainers. According to data from CoinMarketCap, the cryptocurrency has seen a staggering 95.65% price increase since the start of 2024.
SHIB price pushes toward $0.000015 | Source: SHIBUSDT on Tradingview.com
Overall Market Sentiment
As the market continues to evolve, the symmetrical triangle pattern and Fibonacci retracement levels provide crucial insights into SHIB’s potential movements. Investors and traders should keep a close eye on these patterns and levels to make informed decisions.
In conclusion, the reappearance of the symmetrical triangle pattern on Shiba Inu’s price chart could signal a substantial breakout. Whether SHIB can achieve these predicted highs depends on its ability to surpass key resistance levels and maintain support. With the potential for significant gains, Shiba Inu remains a cryptocurrency to watch closely in the coming months.
