Shiba Inu (SHIB) may be on its way to regain former price highsas the cryptocurrency analyst known as “Charting Guy” has confirmed the re-emergence of a unique symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle could see Shiba Inu potentially rise over 200% from its current price.

The Shiba Inu triangle pattern indicates a breakout

On September 23, Charting Guy reached out to X (formerly Twitter) to expose up-to-date trend pattern on the Shiba Inu price chart. The chart highlighted three wave patterns and several Fibonacci retracement levels that acted as resistance and support zones for Shiba Inu Price.

In the classic wave 1 and 2, the Shiba Inu price action showed a series of swings followed by a brief rally before falling again. Now in wave 3, which the analyst predicted to be explosive, the Shiba Inu has formed a historic symmetrical triangle pattern that could trigger potential growth to up-to-date highs at a price of $0.0.0000493, an enhance of 244%.

Shiba Inu is currently trading at $0.0000143 and its next key resistance is at 0.382 Fibonacci Retracement Levelnear $0.0000164. If the meme coin fails to break through this resistance, the 0.236 Fibonacci retracement level at $0.000011 could provide robust support.

However, if the Shiba Inu breaks through the resistance level at $0.0000164, the cryptocurrency may reach its peak price breakout to $0.0000226. Greater resistance can also be seen at the Fibonacci retracement levels near 0.618 and 0.702, which correspond to the price levels of $0.0000312 and $0.0000392, respectively.

If Shiba Inu can successfully break through these key levels, the cryptocurrency experience an explosive surge to $0.0000493, a price level well above the previous March peak of around $0.000045.

Interestingly, this price level is not the highest Shiba Inu can reach based on its symmetrical triangle. According to Charting Guy, if SHIB manages to break above the 0.888 Fibonacci retracement level at $0.0000651, the meme coin could potentially skyrocket to up-to-date all-time records at $0.0000884, which corresponds to the Fibonacci retracement level 1 and means a huge enhance of about 518%.

However, if Shiba Inu fails to break above this key level, it will likely find support at the 0.786 Fibonacci retracement level or $0.00004936.

SHIB Price Analysis

Supporting optimism around Future prospects for the Shiba InuThe cryptocurrency has been on a steady upward trajectory. Last week, the price of Shiba Inu has increased by an impressive 8.91%. However, it recently made up some of those gains, falling 1.52% in the last 24 hours.

In early March, the Shiba Inu experienced a significant growth spurt, securing its position as one of best playersAccording to CoinMarketCap data, the cryptocurrency has seen a staggering 95.65% price enhance since the beginning of 2024.

Featured image created with Dall.E, chart from Tradingview.com