In an evaluation, Moataz “Eljaboom” Elsayed, a crypto analyst and Forbes 40 under 40 nominee, has forecasted a major surge in the worth of Shiba Inu (SHIB). In response to Elsayed, the meme-based cryptocurrency is poised for a possible increase that might see its value reach $0.00024, marking an unprecedented 1,105% gain from its current levels.

Shiba Inu Price Set To Skyrocket 1,100%?

In a review of SHIB’s price activity on the weekly chart (SHIB/USDT), Elsayed pinpointed a repeating pattern that originally occurred through the second quarter of 2021, shortly after Binance, a significant crypto exchange, began trading SHIB. In response to him, Shiba Inu’s historical data is exhibiting a pattern that, if repeated, will propel its price to latest heights. He noted that the cryptocurrency experienced a notable rise to $0.00005 through the week of May 10, 2021, following its listing on Binance.

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Elsayed’s evaluation draws attention to a critical period in SHIB’s market behavior. After reaching a high of $0.00005, the token underwent a correction, settling below a pivotal support range of $0.00001784 to $0.00001995 for nearly 120 days. Nonetheless, a subsequent breakout occurred in October 2021 because the broader bull market gained momentum, catapulting SHIB by 343.64% from its support level to a peak of $0.00008854.

History Is Repeating Itself 👀 #SHIB pic.twitter.com/zeeXVWhpKZ

— Elja (@Eljaboom) June 8, 2024

The following correction and entry right into a bear market, exacerbated by the collapse of the Terra ecosystem in May 2022, saw SHIB prices fall below key support levels. It remained subdued under these levels for 658 days, struggling to surpass the $0.00001 mark. Yet, a resurgence in March of this 12 months saw SHIB soar by greater than 370% to a yearly high of $0.00004567.

Constructing on this data, Elsayed anticipates an identical, if no more pronounced, trajectory for SHIB within the near future. He estimates that this next breakout could propel SHIB’s price to $0.0002404, effectively increasing its market capitalization to $141.6 billion. Given the cyclical nature of the crypto market, such could possibly be on the cards, in keeping with the crypto analyst.

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Within the day by day SHIB/USD chart, Shiba Inu’s price is currently in a consolidation phase, following a major rally to this 12 months’s high in early March. Despite breaking out of a symmetrical triangle pattern in mid-May, SHIB didn’t sustain a detailed above the 0.382 Fibonacci retracement level of $0.00002883.

Subsequent to this rejection, the worth fell below the 0.236 Fibonacci level and is now struggling to ascertain support on the 100-day Exponential Moving Average (EMA). Maintaining a day by day close above $0.00002326 is critical to stop a possible further decline towards the 200-day EMA at $0.00001977.

Shiba Inu price tries to search out support on the 100-day EMA , 1-day chart | Source: SHIBUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com