In the volatile world of crypto analysis, Moataz “Eljaboom” Elsayed, a distinguished analyst and nominee for Forbes’ influential 40 Under 40 list, has predicted a phenomenal increase in the value of the Shiba Inu (SHIB) cryptocurrency. Elsayed’s comprehensive and data-driven insights suggest that this meme-backed digital currency is primed for an upward turn that may bring its value to an astounding $0.00024. Should this happen, this unprecedented surge of 1,105% from the present-day levels of SHIB would spell a game-changer for the digital currency’s market.
Reviewing the historical price flux of SHIB utilizing the weekly SHIB/USDT chart, Elsayed discerned a recurring sequence that had initially materialized in the second quarter of the fiscal year 2021. This phase coincided with one of the major crypto exchange platforms, Binance, taking on Shiba Inu for trading. Built upon this historical backdrop, Elsayed posits that if history repeats itself, this pattern may propel the price of SHIB to never-seen-before levels, replicating its notable ascension to $0.00005 in the week of May 10, 2021, post its induction into the Binance platform.
Interestingly, upon reaching this zenith, the cryptocurrency went through a correction phase. It steadied just under the significant range of $0.00001784 and $0.00001995 for a time-span spanning nearly 120 days. However, this standstill was disrupted when a forceful breakout was noticed in October 2021, aligning with the more expansive booming bull market. The result was a thrust of 343.64% from its support line to a peak of $0.00008854.
Unfortunately, this uphill trajectory was checked when a retreating market threw the cryptocurrency into a downward spiral, further worsened by the Terra ecosystem collapse in May 2022. Shiba Inu faced a grim period with prices sinking below crucial levels of support and remaining there for an extended 658 days. The struggle for reaching the $0.00001 mark was real and fervent. However, with a resurgence in March of the current year, Shiba Inu bounced back with a formidable increment of over 370%, to touch a yearly high of $0.00004567.
By leveraging this historical pattern, Elsayed foresees a comparable, perhaps more dramatic, upswing for SHIB shortly. The breakout, Elsayed predicts, might push SHIB’s value even farther to a high of $0.0002404, exponentially augmenting its market worth to a staggering $141.6 billion.
Meanwhile, based on the daily SHIB/USD chart, Shiba Inu’s price is in a consolidation phase, following a significant demonstration to this year’s apex in the early part of March. Although the currency managed to break free from a symmetrical triangle pattern in mid-May, it couldn’t uphold a closing rate above the 0.382 Fibonacci retracement level of $0.00002883. The currency is currently striving to establish support at the 100-day Exponential Moving Average (EMA). To prevent a potential further decline, it’s pivotal to hold a daily finish over $0.00002326. If not, the price probably will decline toward the 200-day EMA at $0.00001977.
