**Shiba Inu Eyes Potential Highs Last Seen in Late 2021 After Symmetrical Triangle Breakout, Market Analyst Confirms Readiness**
Market analyst Charting Guy suggests that Shiba Inu may soon target price levels not seen since late 2021. He asserts that the token is primed for movement following the formation of a symmetrical triangle, a pattern that has been developing over recent months.
The lower trendline of this triangle began to take shape in May. Meanwhile, the upper trendline formed after SHIB’s price retreated from its annual peak of $0.000045 in March. These converging lines indicate that a period of consolidation may be nearing its conclusion, leading to a potential breakout.
**Key Shiba Inu Price Levels**
The accompanying chart outlines several essential Fibonacci retracement levels which serve as both resistance and support areas. Currently, Shiba Inu is trading at $0.00001457, with bullish traders poised to utilize the 0.236 Fibonacci support at $0.00001104 as a defensive measure.
**SHIB 1W Chart | Charting Guy**
If the price breaks upward, the first significant resistance level will be at $0.00001643, marking the highs from mid-August. This level acts as the final barrier between Shiba Inu and the psychological threshold of $0.00002. Beyond this point, the next resistance aligns with the 0.5 Fibonacci level, setting a price target of $0.00002266.
Further resistance is noted at $0.000031247 and $0.00003967. Importantly, once Shiba Inu surpasses these levels, it will encounter previous resistance from March at $0.000045810, which hindered further annual gains. Overcoming this could propel SHIB toward an ultimate target of $0.00008841.
Shiba Inu is anticipated to face its most substantial resistance at the Fibonacci levels between $0.000024 and $0.000030. Data from IntoTheBlock indicates a significant sell wall in this price range, where 143,380 addresses acquired 49.33 trillion SHIB at an average price of $0.000027.
**Shiba Inu GIOM | IntoTheBlock**
Conversely, a downward movement could test lower support levels at $0.000008411 and $0.000005808; however, this scenario appears unlikely, as Shiba Inu has not revisited these levels for months. The weekly RSI, currently at 45, reflects market uncertainty but supports the potential for upward movement.
**SHIB Bulls Retain Dominance**
Market data on volume trends among bulls and bears reinforces the optimistic sentiment surrounding SHIB. Notably, since mid-September, the buying volumes from bulls have consistently outpaced the selling volumes from bears.
On September 20, bulls purchased over 3 trillion SHIB, exceeding bearish activity by 117.1 billion tokens. This marked the most considerable excess demand since September 6.
**Shiba Inu Bulls and Bears | IntoTheBlock**
Additionally, large transactions involving Shiba Inu have remained above the 1 trillion token mark daily since September 16, according to IntoTheBlock data. The only exception occurred on September 18, when volume dipped to 604 billion tokens.
**Disclaimer:** This content is for informational purposes only and should not be construed as financial advice. The views expressed herein may reflect the author’s personal opinions and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.
