As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself intrigued by the recent analysis of Shiba Inu (SHIB) by the Charting Guy. The symmetrical triangle pattern on SHIB’s price chart, if broken, could potentially catapult this meme coin to new heights.
According to an analyst known as ‘The Charting Guy’, it’s possible that the price of Shiba Inu (SHIB) could reach previous peak levels again. This prediction is based on the appearance of a distinctive symmetrical triangle pattern in the SHIB price chart. If this pattern breaks, there’s a chance that Shiba Inu might surge more than 200% from its current value.
Shiba Inu Triangle Pattern Points To Breakout
On September 23, “Charting Guy” shared on X (previously known as Twitter) a fresh trend pattern he’d discovered in the Shiba Inu price chart. This chart emphasized three wave patterns and various Fibonacci retracement levels that functioned as both resistance and support zones for the Shiba Inu’s price movement.
Originally, the price movements of Shiba Inu in waves 1 and 2 showed repeated fluctuations followed by a short-lived upward trend before dropping down again. The analyst now foresees wave 3 as a significant surge, with Shiba Inu shaping a historical symmetrical triangle pattern that could initiate a potential jump to unprecedented highs at approximately $0.0000493, equating to a potential increase of 244%.
At the moment, Shiba Inu is being traded for approximately 0.0000143 USD. Its next significant hurdle in terms of price increase lies at the 0.382 Fibonacci retracement level, around 0.0000164 USD. If this meme coin cannot break through this resistance, the 0.236 Fibonacci retracement level, which is approximately 0.000011 USD, might offer robust support.
If Shiba Inu manages to surpass its current resistance at approximately $0.0000164, it might trigger a breakout towards an estimated price of $0.0000226. Additionally, notable resistances can be found near Fibonacci retracement levels around 0.618 and 0.702, which correspond to potential price points of about $0.0000312 and $0.0000392 respectively.
As a researcher studying the trends of Shiba Inu cryptocurrency, if it manages to breach these crucial resistance levels, I anticipate a spectacular spike in value, potentially reaching approximately $0.0000493 – a price point significantly higher than its previous peak in March, which hovered around $0.000045.
It’s worth noting that the current price level for Shiba Inu might not be its maximum potential, given its symmetrical triangle pattern. As per The Charting Guy’s analysis, if SHIB manages to surpass the 0.888 Fibonacci retracement level at around $0.0000651, it could potentially soar to unprecedented new highs at $0.0000884, which represents a 1 Fibonacci retracement level and implies an impressive surge of roughly 518%.
If Shiba Inu doesn’t manage to break past this significant point, there’s a good chance it will encounter support at the 0.786 Fibonacci retracement level, which is approximately $0.00004936.
SHIB Price Analysis
Showing faith in the bright prospects of Shiba Inu, this cryptocurrency has been consistently climbing higher. Over the past week, its price soared by an impressive 8.91%. Yet, it’s worth noting that in the last day, there was a slight dip, with a decrease of 1.52% observed.
Back in March, Shiba Inu experienced a substantial surge, placing it among the leading profit-makers. As per statistics from CoinMarketCap, this digital currency has experienced an impressive jump of approximately 95.65% in its price since the beginning of the year 2024.
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2024-09-25 00:40