Shiba Inu (SHIB) may be on its way to reclaim former price highs, as a crypto analyst identified as the ‘Charting Guy’ has confirmed the reappearance of a unique symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle could see Shiba Inu potentially rallying above 200% from its current price.
Shiba Inu Triangle Pattern Points To Breakout
On September 23, Charting Guy took to X (formerly Twitter) to unveil a new trend pattern in Shiba Inu’s price chart. The chart highlighted three wave patterns and several Fibonacci retracement levels which acted as resistance and support zones for Shiba Inu’s price.
In classic wave 1 and 2, Shiba Inu’s price movements exhibited a series of fluctuations, followed by a brief upward momentum before sliding downwards again. Now in wave 3 which the analyst has predicted would be an explosive one, Shiba Inu has formed a historical symmetrical triangle pattern which could trigger a potential surge to new highs at $0.0.0000493, representing a 244% rally.
Currently, Shiba Inu is trading at $0.0000143, with 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 strong support.
In contrast, if Shiba Inu exceeds resistance levels at $0.0000164, the cryptocurrency could see its price breakout to $0.0000226. More resistance can also be seen at Fibonacci retracement levels around 0.618 and 0.702, representing the $0.0000312 and $0.0000392 price marks, respectively.
If Shiba Inu can successfully break out of these key levels, the cryptocurrency would experience an explosive surge to $0.0000493, a price level well above its previous March high of around $0.000045.
Interestingly, this price level is not the highest Shiba Inu can reach based on its symmetrical triangle pattern. According to the Charting Guy, if SHIB can break above the 0.888 Fibonacci retracement level at $0.0000651, the meme coin could potentially skyrocket to new all-time highsat $0.0000884, corresponding to the 1 Fibonacci retracement level and marking a massive rally of approximately 518%.
However, in the event that Shiba Inu fails to surpass this key level, it is likely to find support at the 0.786 Fibonacci retracement level of $0.00004936.
SHIB Price Analysis
Supporting the optimism surrounding Shiba Inu’s future outlook, the cryptocurrency has been on a steady upward trajectory. In the past week, the price of Shiba Inu increasedby 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.
Featured image created with Dall.E, chart from Tradingview.com