Shiba Inu (SHIB) is How much will 1 ethereum be worth in 2030 forbesonce again capturing the attention of crypto enthusiasts as a well-known analyst, referred to as the ‘Charting Guy,’ has identified a recurring symmetrical triangle pattern on the SHIB price chart. This pattern, often a precursor to significant price movements, suggests that Shiba Inu could be gearing up for a substantial rally, potentially exceeding 200% from its current valuation.
The Symmetrical Triangle: A Signal for Breakout
On September 23, the Charting Guy shared his findings on X (formerly Twitter), highlighting a distinct trend in Shiba Inu’s price movements. The analysis included three wave patterns and multiple Fibonacci retracement levels, which have historically acted as both resistance and support zones for SHIB’s price.
In the initial waves (1 and 2), Shiba Inu’s price exhibited a series of fluctuations, followed by a brief upward trend before retracing. Now, as the cryptocurrency enters wave 3, the analyst predicts an explosive phase, marked by the formation of a symmetrical triangle pattern. This pattern could propel SHIB to new heights, with a target price of $0.0000493, representing a 244% increase from its current level.
At present, Shiba Inu is trading at $0.0000143, with its immediate resistance level at $0.0000164, corresponding to the 0.382 Fibonacci retracement level. Should SHIB fail to breach this resistance, it may find support at the 0.236 Fibonacci level, around $0.000011.
Conversely, if Shiba Inu manages to surpass the $0.0000164 resistance, the next target would be $0.0000226. Further resistance levels are identified at the 0.618 and 0.702 Fibonacci retracement levels, translating to $0.0000312 and $0.0000392, respectively.
A successful breakout above these levels could see Shiba Inu soaring to $0.0000493, surpassing its previous peak in March of approximately $0.000045. Beyond this, the Charting Guy suggests that if SHIB can break the 0.888 Fibonacci level at $0.0000651, it could reach new all-time highs of $0.0000884, marking an impressive 518% rally.
However, if Shiba Inu struggles to maintain momentum, it may find a strong support level at $0.00004936, corresponding to the 0.786 Fibonacci retracement level.
Current Market Performance of Shiba Inu
Adding to the bullish sentiment, Shiba Inu has demonstrated consistent upward movement in recent weeks. Over the past seven days, SHIB’s price has climbed by 8.91%, although it has experienced a slight dip of 1.52% in the last 24 hours.
Earlier this year, in March, Shiba Inu enjoyed a remarkable rally, cementing its position as one of the top-performing cryptocurrencies. According to CoinMarketCap data, SHIB has surged by 95.65% since the beginning of 2024, showcasing its resilience and potential for growth.
As the crypto community watches closely, the emergence of the symmetrical triangle pattern on Shiba Inu’s chart could signal the start of another significant price movement. Whether SHIB will achieve the predicted highs remains to be seen, but the current technical indicators suggest a promising outlook for this popular meme coin.
