Moataz “Eljaboom” Elsayed, a respected Bitcoin investor and Forbes 40 under 40 candidate, has shared his insights on the potential of Shiba Inu in the cryptocurrency market. According to Eljaboom, Shiba Inu could potentially surpass the $0.00024 mark if history repeats itself. He points to a pattern observed in the second quarter of 2021, shortly after Binance listed Shiba Inu. The data from Eljaboom’s chart suggests that SHIB is currently following a similar structure that led to an impressive price spike in the past.
The pattern in question occurred after Binance added support for SHIB in May 2021, causing Shiba Inu to spike to a high of $0.00005 before experiencing a retracement. Following this correction, SHIB remained below the support range of $0.00001784 to $0.00001995 for 20 weeks, eventually breaking out in October 2021 as the bull market matured. This breakout allowed SHIB to transform the previous resistance range into support, leading to a significant price increase to an all-time high of $0.00008854.
However, the euphoria was short-lived as another correction ensued, exacerbated by the May 2022 Terra ecosystem implosion, resulting in steeper declines for Shiba Inu and the broader crypto market. The correction pushed SHIB below the $0.00001784 and $0.00001995 range again, with this price territory turning into resistance. Despite these challenges, Shiba Inu persisted, battling to surpass $0.00001 until a breakout earlier this year resulted in a 374% spike to the yearly high of $0.00004567 in March.
Eljaboom anticipates that SHIB will experience a price spike similar to that of May 2021, projecting a 1,105% increase from the $0.00001995 level to reach $0.0002404 as its cycle top. This optimistic forecast would place SHIB’s market cap at $141.6 billion, a goal that Eljaboom believes is within reach. However, some bearish speculations have emerged, citing SHiba Inu’s struggle to break above the $0.00003 territory since April.
In response to Eljaboom’s projections, notable crypto trader Emily defended Shiba Inu investors, stating that those who have lost faith in SHIB are “clueless.” Despite the differing opinions, most Shiba Inu investors remain bullish, as evidenced by the increasing SHIB Exchange Reserve. On-chain data shows that investors have been withdrawing their tokens from exchanges since May 29, with the exchange reserve dropping from 154 trillion to 151 trillion tokens.
Overall, Shiba Inu continues to trade at $0.00002319, experiencing a slight dip over the past day. Despite the recent drop below the crucial $0.000025 support level, data from Santiment indicates that small addresses and whale investors holding SHIB have been increasing their holdings. This mixed sentiment in the market suggests that while uncertainties remain, the overall sentiment towards Shiba Inu remains positive among investors.
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