Renowned Bitcoin investor and Forbes 40 under 40 candidate, Moataz “Eljaboom” Elsayed, is optimistic about Shiba Inu’s potential to surpass the $0.00024 mark if historical patterns repeat themselves.
Eljaboom highlighted a specific trend in Shiba Inu’s price movements on a weekly basis. He pointed out a familiar pattern observed in the canine-themed cryptocurrency. According to data from his chart, SHIB seems to be mirroring a historical structure.
This pattern first emerged in the second quarter of 2021, shortly after the listing of Shiba Inu on Binance. Notably, Binance added support for SHIB on May 10, 2021. During that week, Shiba Inu surged to a peak of $0.00005 before experiencing a pullback.
Following this peak, SHIB faced a correction that pushed it below the support range of $0.00001784 to $0.00001995. It remained below this level for 20 weeks or 120 days, as per Eljaboom’s chart data. However, Shiba Inu eventually broke out in October 2021, amidst a matured bull market.
This breakout allowed SHIB to switch the resistance zone between $0.00001784 and $0.00001995 into a support level. Subsequently, SHIB skyrocketed by 343.64% from $0.00001995 to its all-time high of $0.00008854 in late October 2021. Nevertheless, a correction followed this ATH.
Eljaboom’s chart indicates that this correction extended into the bear market, exacerbated by the Terra ecosystem collapse in May 2022. Consequently, Shiba Inu dropped below the $0.00001784 and $0.00001995 range once more, turning this price range into a resistance level.
Remaining under this threshold for 94 weeks or 658 days, Shiba Inu faced challenges in surpassing $0.00001. However, a significant breakout occurred when SHIB surged by 374% to reach a yearly high of $0.00004567 in March of this year.
Eljaboom anticipates that SHIB will experience a price surge similar to the one seen in May 2021. He predicts a 1,105% increase from the $0.00001995 level, reaching a price of $0.0002404 as its cycle peak. This price projection would set SHIB’s market cap at $141.6 billion, a plausible scenario.
Despite some bearish sentiments surrounding Shiba Inu’s failure to decisively break above the $0.00003 mark since April, most investors remain bullish. Notable crypto trader Emily dismissed skeptics of SHIB, labeling them as “clueless.”
Moreover, on-chain data from CryptoQuant indicates that investors have been withdrawing their tokens from exchanges since May 29. The Shiba Inu exchange reserve spiked to 154 trillion on May 29 but has since decreased to 151 trillion tokens.
Currently trading at $0.00002319, SHIB has experienced a slight decline of 0.13% in the past day. Despite dropping below the critical $0.000025 support on June 7, data from Santiment shows that small addresses holding between 10,000 and 1 million SHIB, as well as large whale addresses holding at least 1 trillion SHIB, have been increasing their holdings.
Disclaimer: This article serves as informational content and should not be interpreted as financial advice. The author’s views expressed here are personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.