Shiba Inu Mirrors Dogecoin: Patterns Signal Explosive SHIB Meme Coin Price Rally
Release: 2024/09/09 18:30 Reading: 432
Shiba Inu (SHIB) and Dogecoin (DOGE), prominent meme tokens, exhibit technical patterns suggesting a potential price surge. Analyst Charting Guy observed similarities in their price actions, indicating a possible rally.
On X, he highlighted the resemblance between SHIB and DOGE charts, identifying key levels and trends that could facilitate an upward breakout.
Fibonacci Levels Indicate Support and Resistance
Charting Guy's analysis of SHIB's weekly chart reveals support at the 0.236 Fibonacci retracement around $0.000013089, following resistance at the "Golden Pocket" (0.618-0.786 levels).
Historically, the Golden Pocket has acted as a resistance zone, contributing to SHIB's recent rejection. However, if the 0.236 level holds, SHIB may target support at $0.000016434 (near the 0.382 Fibonacci level).
Fibonacci retracement levels identify potential support and resistance levels; SHIB's trajectory will hinge on the 0.236 and 0.382 levels and its breakout from its consolidation phase.
Descending Triangle Pattern Signals Breakout
A descending triangle pattern on SHIB's chart suggests a potential breakout. Such patterns often indicate a pending breakdown or breakout; in this case, an upward breakout is anticipated.
Charting Guy's bullish forecast aligns with this pattern, suggesting a breakout could lead to an explosive price increase for SHIB.
Moreover, a breakout with sufficient volume would confirm the start of the predicted wave 3, which is often a significant price move in Elliott Wave Theory.
Elliott Wave Theory Suggests New Highs
Charting Guy's tweet references the first two waves of Elliott Wave Theory, with SHIB currently in the loading phase for wave 3. Wave 3 typically brings the most significant price movement, often surpassing previous highs.
This theory predicts future market trends based on historical price patterns, suggesting SHIB could reach new highs.
Momentum Indicators Indicate Growth Potential
Charting Guy's analysis also incorporates momentum indicators like Stochastic RSI and RSI. Both indicate that SHIB is not overbought, suggesting potential for further upward movement.
Stochastic RSI, in particular, shows SHIB in an oversold region, potentially signaling a buying opportunity.
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