In a recent analysis, Moataz “Eljaboom” Elsayed, a well-known crypto analyst and Forbes 40 under 40 nominee, has made a bold prediction about the future of Shiba Inu (SHIB) cryptocurrency. Elsayed forecasts a significant surge in the value of SHIB, with potential gains of up to 1,105%, bringing its value to $0.00024. This projection is based on a historical pattern observed in SHIB’s price activity on the weekly chart, indicating a potential upward movement.
Elsayed highlighted a repeating pattern in SHIB’s price behavior that occurred after the cryptocurrency was listed on Binance in 2021. Following its listing, SHIB saw a notable rise to $0.00005 in May 2021 before undergoing a correction and settling at a support range of $0.00001784 to $0.00001995 for nearly 120 days. However, a breakout occurred in October 2021, during a broader bull market rally, pushing SHIB to a peak of $0.00008854, representing a 343.64% increase from its support level.
Despite facing challenges and entering a bear market phase, SHIB experienced a resurgence in March of this year, surging by more than 370% to a yearly high of $0.00004567. Elsayed believes that based on this historical data, a similar, if not more pronounced, trajectory could be in store for SHIB in the near future. He predicts that SHIB’s price could reach $0.0002404, leading to a market capitalization of $141.6 billion, reflecting the cyclical nature of the crypto market.
Looking at the daily SHIB/USD chart, Shiba Inu’s price is currently in a consolidation phase after a significant rally earlier this year. Despite breaking out of a symmetrical triangle pattern in May, SHIB failed to sustain a close above the 0.382 Fibonacci retracement level of $0.00002883. The price subsequently fell below the 0.236 Fibonacci level and is currently seeking support at the 100-day Exponential Moving Average (EMA). Maintaining a daily close above $0.00002326 is crucial to avoid further decline towards the 200-day EMA at $0.00001977.
In conclusion, Eljaboom’s analysis suggests a promising outlook for Shiba Inu (SHIB) cryptocurrency, with the potential for substantial price gains in the near future. The historical patterns observed in SHIB’s price behavior point towards a possible upward trajectory, with the cryptocurrency poised for significant growth. Investors and traders in the crypto market may want to monitor SHIB closely as it could present lucrative opportunities for capitalizing on potential price movements. As always, it is essential to conduct thorough research and due diligence before making any investment decisions in the volatile crypto market.
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