Expert Predicts Big Surge in Shiba Inu Price: Is a 1,100% Increase Possible?
A crypto analyst, Moataz “Eljaboom” Elsayed, and a Forbes 40 under 40 nominee, has made a bold prediction regarding the future of Shiba Inu (SHIB). Elsayed believes that this meme-based cryptocurrency is on the brink of a major price surge that could see its value skyrocket to $0.00024, representing an astounding 1,105% increase from its current levels.
Analysis of SHIB Price Patterns
Eljaboom’s analysis focused on SHIB’s price movements on the weekly chart (SHIB/USDT), where he identified a recurring pattern that first emerged in the second quarter of 2021. This pattern coincided with the listing of SHIB on Binance, a prominent cryptocurrency exchange. According to Eljaboom, historical data of Shiba Inu indicates a pattern that, if history repeats itself, could lead to a significant price surge.
- SHIB saw a notable spike to $0.00005 during the week of May 10, 2021, following its listing on Binance.
- After hitting this peak, SHIB underwent a correction phase and remained below a key support range of $0.00001784 to $0.00001995 for around 120 days.
- In October 2021, as the broader market entered a bullish phase, SHIB experienced a breakout, climbing by 343.64% from its support level to reach $0.00008854.
Current Price Consolidation
On the daily SHIB/USD chart, Shiba Inu’s price is currently consolidating after a strong rally earlier in the year. Despite breaking out of a symmetrical triangle pattern in mid-May, SHIB failed to sustain a close above the 0.382 Fibonacci retracement level at $0.00002883.
- The price subsequently dropped below the 0.236 Fibonacci level and is now struggling to find support at the 100-day Exponential Moving Average (EMA).
- Maintaining a daily close above $0.00002326 is crucial to avoid a potential further decline towards the 200-day EMA at $0.00001977.
Hot Take: What Does the Future Hold for Shiba Inu?
Shiba Inu (SHIB) has captured the attention of both investors and crypto enthusiasts alike, with its unique meme-based appeal and potential for significant price movements. Will Shiba Inu be able to repeat its past performance and surge by 1,100% as predicted by experts like Moataz Elsayed?
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