Shiba Inu (SHIB) appears to be on track to reprise its previous price peaks, as a crypto analyst known as the ‘Charting Guy’ has confirmed the return of a distinctive symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle may result in Shiba Inu potentially soaring over 200% from its current price.
Shiba Inu Triangle Pattern Indicates Breakout
On September 23, the Charting Guy took to X (formerly Twitter) to reveal a new trend pattern observed in Shiba Inu’s price chart. The chart showcased three wave patterns along with several Fibonacci retracement levels that served as resistance and support zones for Shiba Inu’s price.
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In the classic wave 1 and 2 phases, Shiba Inu’s price movements showed a series of ups and downs, followed by a brief upward surge before falling once more. Now, in wave 3, which the analyst anticipates will be explosive, Shiba Inu has formed a historic symmetrical triangle pattern that could trigger a possible surge to new highs at $0.0000493, reflecting a 244% increase.
Currently, Shiba Inu is trading at $0.0000143, with immediate key resistance identified at the 0.382 Fibonacci retracement level, situated around $0.0000164. If the meme coin fails to break above this resistance, the 0.236 Fibonacci retracement level at $0.000011 could serve as robust support.
Conversely, should Shiba Inu breach resistance levels at $0.0000164, the cryptocurrency could witness a price breakout to $0.0000226. Additional resistance is also noted at Fibonacci retracement levels near 0.618 and 0.702, reflecting price points of $0.0000312 and $0.0000392, respectively.
If Shiba Inu successfully navigates through these critical levels, the cryptocurrency could experience a remarkable surge to $0.0000493, a price level significantly above its previous March high of approximately $0.000045.
Interestingly, this price point is not the zenith for Shiba Inu based on its symmetrical triangle pattern. The Charting Guy suggests that if SHIB manages to surpass the 0.888 Fibonacci retracement level at $0.0000651, the meme coin could potentially soar to new all-time highs at $0.0000884, corresponding to the 1 Fibonacci retracement level and signifying a massive increase of approximately 518%.
However, if Shiba Inu fails to exceed this crucial level, it is poised to find support at the 0.786 Fibonacci retracement level of $0.00004936.
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SHIB Price Analysis
Bolstering the positive sentiment regarding Shiba Inu’s future prospects, the cryptocurrency has been on a steady upward trajectory. Over the past week, the price of Shiba Inu rose by an impressive 8.91%. However, it has recently retraced a portion of those gains, experiencing a 1.52% drop in the last 24 hours.
Earlier in March, Shiba Inu experienced a significant rally, positioning it among the top performers. Data from CoinMarketCap indicates the cryptocurrency has achieved a staggering 95.65% price increase since the beginning of 2024.
Featured image created with Dall.E, chart from Tradingview.com
