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Shiba Inu (SHIB) may be on its way to regain previous price levelsas a crypto analyst identified as the ‘Charting Guy’ has confirmed the return of a unique specimen symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle could see Shiba Inu rise above 200% from its current price.
Shiba Inu Triangle Pattern Indicates Breakout
On September 23, Charting Guy moved to X (formerly Twitter). reveal a new trend pattern in the Shiba Inu price chart. The chart highlighted three wave patterns and several Fibonacci retracement levels that acted as resistance and support zones Shiba Inu Award.
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In classic waves 1 and 2, Shiba Inu price movements showed a series of swings, followed by a brief upward momentum before sliding back down. In wave 3, which the analyst predicted would be explosive, Shiba Inu has formed a historically symmetrical triangle pattern that could trigger an eruption. potential rise to new highs at $0.0.0000493, representing a 244% rally.
Currently, Shiba Inu is trading at $0.0000143, with the next major resistance at $0.382. Fibonacci retracement levelalmost $0.0000164. If the meme coin fails to surpass this resistance, the Fibonacci retracement level of 0.236 at $0.000011 could provide strong support.
On the other hand, if Shiba Inu crosses the resistance levels at $0.0000164, the cryptocurrency could see its value price breakout up to $0.0000226. More resistance is also seen at the Fibonacci retracement levels around 0.618 and 0.702, representing $0.0000312 and $0.0000392 respectively.
If Shiba Inu can successfully break out of these key levels, the cryptocurrency would experience an explosive wave to $0.0000493, a price level well above the previous high in March, around $0.000045.
Interestingly enough, this price level is not the highest that 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 of $0.0000651, the meme coin could potentially skyrocket to new all-time highs at $0.0000884, which matches the 1 Fibonacci retracement level and marks a huge rally of around 518%.
However, if Shiba Inu fails to surpass this key level, it will likely find support at the 0.786 Fibonacci retracement level of $0.00004936.
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SHIB price analysis
Supporting the optimism all around Future prospects of Shiba Inuthe cryptocurrency has been on a steady upward trajectory. Over the past week the price of Shiba Inu increased with an impressive 8.91%. However, it has recently regained some of these gains, experiencing a 1.52% decline over the past 24 hours.
Earlier in March, Shiba Inu witnessed an important meeting and positioned it as one of the top winners. 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
