Shiba Inu Mirrors Dogecoin: Patterns Signal Explosive SHIB Meme Coin Price Rally

Shiba Inu (SHIB) and Dogecoin (DOGE), two widely followed meme tokens, technical analysis suggests a possible price movement. Per analyst Charting Guy

Shiba Inu (SHIB) and Dogecoin (DOGE) price analysis suggests a possible price move, as both coins showcase similar chart patterns, hinting at a potential rally.

Shiba Inu (SHIB) Price Analysis

A crucial Fibonacci level is currently providing support for SHIB, indicating a potential upward breakout.

After facing resistance at the “Golden Pocket” between the 0.618 and 0.786 levels, SHIB’s price pulled back and found support at the 0.236 Fibonacci retracement level, around $0.000013089.

Now, if this Fib level continues to hold, SHIB may target the next support area around $0.000016434, close to the 0.382 Fibonacci level.

Fibonacci retracement levels are used to identify potential support and resistance levels. SHIB’s price movement will be dictated by these levels as it breaks out of its consolidation.

A descending triangle pattern that has been forming on the chart suggests a possible breakout.

These patterns usually indicate an impending breakout or breakdown, and in this case, an upward breakout is anticipated. Charting Guy’s analysis anticipates this breakout, which could lead to an explosive price surge for SHIB.

Moreover, if SHIB breaks above the triangle with sufficient volume, it could confirm the beginning of the predicted wave 3. This wave is typically the most crucial price movement in Elliott Wave Theory.

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Shiba Inu Price Analysis: SHIB Chart Shows Bullish Pattern, Could It Push Past ATH

In his tweet, Charting Guy mentions the first two waves of Elliott Wave Theory, with SHIB now loading up for wave 3. The third wave is usually the largest price movement, often pushing past previous highs.

This theory is used to predict future market trends based on past price movements, and in this case, it suggests SHIB could be aiming for a new all-time high (ATH).

Momentum indicators like the Stochastic RSI and the regular RSI are also highlighted in Charting Guy’s analysis. Both indicators suggest that SHIB is not overbought, indicating potential for further upward movement.

The Stochastic RSI, in particular, indicates that SHIB is in an oversold region, which could signal a buying opportunity.

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