Moataz “Eljaboom” Elsayed, a prominent Bitcoin investor and potential Forbes 40 under 40 honoree, is optimistic about the future of Shiba Inu, suggesting that it could surpass the $0.00024 mark if history repeats itself.
Eljaboom shared his insights on Shiba Inu’s price movements within a weekly timeframe, pointing out a notable pattern observed in the canine-themed cryptocurrency. His analysis indicates that SHIB is currently mirroring a historical structure that took place back in the second quarter of 2021, shortly after it was listed on Binance.
Following Binance’s support for SHIB on May 10, 2021, Shiba Inu experienced a significant surge to $0.00005 before undergoing a retracement. The subsequent correction pushed SHIB below the support range of $0.00001784 to $0.00001995, where it remained for 20 weeks or 120 days according to Eljaboom’s data.
However, in October 2021, as the bull market of 2021 matured, Shiba Inu broke out of this range, turning the previous resistance into support. This breakout led to a 343.64% spike in SHIB’s value from $0.00001995 to its all-time high of $0.00008854 in late October 2021. Despite this, a correction followed suit as the crypto market experienced turbulence.
The correction continued into the bear market, exacerbated by the Terra ecosystem’s collapse in May 2022, causing Shiba Inu to fall below the $0.00001784 and $0.00001995 range once again. This range transformed into resistance, keeping SHIB below it for 94 weeks or 658 days as it struggled to surpass $0.00001.
Nonetheless, a breakthrough occurred as Shiba Inu surged 374% to reach a yearly high of $0.00004567 in March of the current year. Eljaboom anticipates a similar price spike as seen in May 2021, projecting a 1,105% increase from the $0.00001995 level to reach $0.0002404 as the cycle’s peak. This price point would give SHIB a market cap of $141.6 billion, a plausible scenario according to Eljaboom.
Despite some skepticism surrounding Shiba Inu’s inability to surpass the $0.00003 mark since April, many investors remain optimistic. Notable crypto trader Emily dismissed bearish speculations, labeling those who doubt SHIB as “clueless.”
On-chain data from CryptoQuant indicates that investors have been withdrawing their tokens from exchanges since May 29, with the Shiba Inu exchange reserve dropping from 154 trillion to 151 trillion tokens. Shiba Inu is currently trading at $0.00002319, a slight decline of 0.13% over the past day, with small and large holders continuing to accumulate tokens as per Santiment data.
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