Prominent crypto analyst and Forbes 40 under 40 nominee Moataz “Eljaboom” Elsayed projects a significant increase in Shiba Inu (SHIB) value. With a staggering 1,105% gain from its current value, Elsayed believes the meme-based bitcoin may soar to $0.00024.
Analyzing SHIB’s weekly chart (SHIB/USDT), Elsayed discovered a recurring trend first noted in the second quarter of 2021, shortly following the bitcoin’s listing on the main exchange Binance. Past statistics show that should this tendency continue, Shiba Inus should experience considerable price hikes. Following its Binance introduction, Elsayed noted that the price of Shiba Inu dropped to $0.00005 in May 10, 2021.
Shiba Inu’s Pivotal Price Movement
Elsayed’s analysis emphasizes a pivotal junctural point in the history of SHIB. The coin corrected and stayed below a critical support zone of $0.00001784 to $0.00001995 for about 120 days after peaking at $0.00005. Driven by a more general bull market, which saw SHIB soar by 343.64% from its support level to a high of $0.00008854, a breakout happened in October 2021.
The breakdown of the Terra ecosystem in May 2022 heightened the following bear market and drove SHIB’s price below important support levels. SHIB battled to pass the $0.00001 threshold for 658 days. But a comeback in March this year saw the bitcoin rise by over 370% to reach $0.00004567, the annual high.
Based on historical performance, Elsayed forecasts for SHIB a similar, if not greater, upward tendency in not too far future. He said that the next breakout would boost SHIB’s price to $0.00024, therefore increasing its market worth to $141.6 billion. Based on the cyclical nature of the crypto market, the expert argues this probability is feasible.
After a strong increase to this year’s peak in early March, SHIB’s daily chart (SHIB/USD) now shows the price in a consolidation phase. Though mid-May broke out from a symmetric triangle, SHIB could not hold a close above the 0.382 Fibonacci retrace level of $0.00002883.
After this rejection, SHIB’s price fell below the 0.236 Fibonacci level and is now trying to gain support at the 100-day Exponential Moving Average (EMA). If SHIB wants to stop a potential slide towards the 200-day EMA at $0.000077, it must keep daily close above $0.000023.
