Analyst predicts that Shiba Inu stock price could rise 1,100%, here’s why
A new prediction from crypto analyst Moataz “Eljaboom” Elsayed suggests a possible increase in the value of Shiba Inu (SHIB). According to Elsayed, the meme-based cryptocurrency could rise to $0.00024, marking an unprecedented 1,105% gain from current levels.
Historical pattern indicates potential upside
Elsayed analyzed SHIB’s price activity on the weekly chart and discovered a repeating pattern that occurred in the second quarter of 2021, shortly after Binance, a major crypto exchange, started trading SHIB. After a notable rise to $0.00005 in the week of May 10, 2021, following its listing on Binance, SHIB underwent a correction but then broke out in October 2021, surging 343.64% from its support level to a peak of $0.00008854 .
History repeats itself?
After a later correction and entry into a bear market, SHIB saw prices fall below crucial support levels. After a rebound in March this year, SHIB rose more than 370% to a yearly high of $0.00004567. Elsayed foresees a similar, if not more pronounced, trajectory for SHIB in the near future, estimating that this next breakthrough could push SHIB’s price to $0.0002404, taking its market cap to $141.6 billion.
Current status and future movements
Currently, the Shiba Inu price is consolidating after a significant rally to this year’s highest level in March. Although SHIB broke out of a symmetrical triangle pattern in mid-May, it failed to sustain a close above the 0.382 Fibonacci retracement level of $0.00002883. It is crucial to maintain a daily close above $0.00002326 to avoid a possible further decline towards the 200-day exponential moving average (EMA) at $0.00001977.
The implementation of new functionalities within Shibarium may help to put the Shiba Inu even more on the map. The below Community members and crypto enthusiasts are certainly positive.
