As a researcher with extensive experience in crypto analysis, I find Eljaboom’s forecast on Shiba Inu (SHIB) intriguing and plausible. His analysis of SHIB’s historical price patterns and the potential for a significant surge aligns with my own observations of the market.
Moataz “Eljaboom” Elsayed, a well-known crypto analyst and Forbes Under 40 nominee, predicts a substantial rise in Shiba Inu (SHIB) value based on his analysis. The meme cryptocurrency is reportedly ready for a potential price hike that could potentially take its worth up to $0.00024, representing an impressive 1,105% jump from its present levels.
Shiba Inu Price Set To Skyrocket 1,100%?
As an analyst, I’ve noticed a recurring trend in Shiba Inu’s (SHIB/USDT) price behavior on the weekly chart that emerged during the second quarter of 2021, soon after Binance, a significant crypto exchange, started trading SHIB. This pattern, if it continues, could lead to substantial price growth for Shiba Inu. I’ve observed that the cryptocurrency underwent a considerable surge to reach $0.00005 during the week of May 10, 2021, following its inclusion in Binance’s trading platform.
As a crypto investor following Elsayed’s analysis, I’ve noticed a significant turning point in SHIB‘s market dynamics. Reaching an all-time high at $0.00005, the token experienced a correction and stayed below its crucial support zone of $0.00001784 to $0.00001995 for approximately 120 days. Yet, during October 2021, SHIB surged following the broader bull market’s growth, resulting in a monumental increase of 343.64% from its support level, peaking at $0.00008854.
History Is Repeating Itself #SHIB
— Elja (@Eljaboom) June 8, 2024
After the correction and entry into a bear market in May 2022, which was worsened by the Terra ecosystem’s collapse, SHIB prices dropped beneath crucial support thresholds. For approximately two years, the price remained dormant below these levels without managing to go above $0.00001. However, a rebound occurred in March of this year, leading to an impressive surge of over 370%, peaking at $0.00004567.
Based on this information, Elsayed expects SHIB‘s price trend to continue or even escalate in the upcoming period, potentially reaching a value of $0.0002404. This increase would result in a market capitalization of approximately $141.6 billion for SHIB. Considering the volatile nature of the cryptocurrency market, such growth is plausible, as per the crypto analyst’s prediction.
In the Shiba Inu versus US Dollar daily price chart, the coin’s value is presently in a holding pattern after experiencing a robust surge to this year’s peak in early March. Despite rupturing the symmetrical triangle configuration around mid-May, Shiba Inu was unable to maintain a closing price above the 0.382 Fibonacci retracement mark of $0.00002883.
After being turned down at the 0.236 Fibonacci mark, the price dipped and has been having a hard time regaining footing at the 100-day Exponential Moving Average (EMA), currently set at $0.00002326. It’s essential for the value to finish each day above this level to forestall any potential slide towards the 200-day EMA, which stands at $0.00001977.
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2024-06-10 16:16