1. Fibonacci Levels Indicate Key Support and Resistance
2. This Key Pattern Could Trigger Breakout
3. Elliott Wave Theory Suggests New Highs for SHIB

Technical chart analysis shows that Shiba Inu and Dogecoin could reach significant growth. Analyst Charting Guy notes similar price patterns that indicate a potential rally.

Fibonacci Levels Indicate Key Support and Resistance

According to Charting Guy's analysis of Shiba Inu’s weekly chart, SHIB is currently holding at the 0.236 Fibonacci retracement level, around $0.000013089, after facing resistance at the “Golden Pocket” between the 0.618 and 0.786 levels. Quote: CITE_NA "now that you mention it, $SHIB looks EXACTLY like $DOGE ... CLASSIC wave 1 & 2 ... now, we are loading up for the explosive wave 3 that should take out ATHs on both of these coins and many other alts look the same." (Tweet by Charting Guy, September 9, 2024) Historically, the Golden Pocket has acted as a strong resistance zone, causing the recent rejection of SHIB's upward movement. Besides, if the 0.236 level holds, SHIB may target the next support area around $0.000016434, close to the 0.382 Fibonacci level. Fibonacci retracement levels are used to determine likely support and resistance levels. SHIB’s trajectory will be determined by the levels of 0.236 and 0.382, if it breaks out of its consolidation phase.

This Key Pattern Could Trigger Breakout

A descending triangle pattern that has been forming on the chart suggests a possible breakout. These patterns usually signify an impending collapse or an imminent breakout; in this instance, an upward breakout is anticipated. Charting Guy’s bullish forecast aligns with this pattern, anticipating a breakout that could lead to an explosive price surge for SHIB. Additionally, if SHIB breaks above the triangle with enough volume, it could confirm the beginning of the predicted wave 3, which is known for being the most key price move in Elliott Wave Theory.

Elliott Wave Theory Suggests New Highs for SHIB

In his tweet, Charting Guy refers to the first two waves of Elliott Wave Theory, with SHIB now in the loading phase for wave 3. This wave typically brings about the largest price movement, often exceeding previous highs. This theory is often used to predict future market trends based on past price movements, and in this case, it suggests SHIB could push past its all-time high (ATH).

Technical analysis indicates that Shiba Inu and Dogecoin have the potential for significant growth if the observed patterns hold true. Fibonacci levels, descending triangle, and Elliott Wave Theory suggest a possible upward breakout.