Bitcoin Investor and Forbes 40 under 40 candidate Moataz “Eljaboom” Elsayed believes Shiba Inu can rally above $0.00024.
He made these assertions while studying Shiba Inu’s price action on the weekly timeframe. Also, he identified an interesting pattern for SHIB from 2021 and believes it will likely repeat this move to rally again.
Eljaboom Identifies 2021 Price Pattern as Key to Shiba Inu’s Next Rally
Shiba Inu rallied to a high of $0.00005 following its listing on Binance on May 10, 2021. However, it met some hurdles, leading to a retracement below the $0.00001784-$0.00001995 threshold.
According to data from Eljaboom’s chart, the doge-themed cryptocurrency played under this price range for twenty weeks.
However, SHIB broke out of this pattern in October 2021 as the bull market gathered momentum, flipping the $0.00001784 and $0.00001995 resistance zones to support.
Further, after the breakout, SHIB rallied 343.64% to its all-time high of $0.00008854 in October 2021 before retracing during the 2022 bear market.
The general market decline forced Siba Inu below the $0.00001784 and $0.00001995 range again, turning it into resistance. Shiba Inu stayed underneath this resistance range for 94 weeks and struggled to break above $0.00001.
However, SHIB spiked by 374% to a yearly high of $0.00004567 in March 2024. So, Eljaboom expects a repeat of the 2021 price pattern, triggering a significant rally for Shiba Inu.
The analyst projects a 1,105% increase for SHIB to break above the $0.00001995 resistance level. He says Shiba Inu will likely rally to $0.0002404 as its peak this bull cycle, bringing its market cap to $141.6 billion.
Crypto Trader Reacts to Eljaboom’s Predictions
Since April, Shiba Inu has struggled to break above the $0.00003 price level, leading to bearish speculations. However, prominent traders remain bullish on the meme coin.
Reacting to Aljaboom’s predictions, prominent crypto trader Emily said market participants who have lost faith in Shiba Inu are clueless.
Also, CryptoQuant’s SHIB Exchange Reserve data reveals that some investors have withdrawn their tokens from exchanges since May 29. On-chain data reveals that the Shiba Inu exchange reserve increased to 154 trillion on May 29 but began to drop and now sits at 151 trillion.
These activities suggest heightened optimism as investors might be transferring their tokens to self-custody wallets for long-term holding or purposes other than immediate selling. SHIB’s price at 7:59 a.m. EST is $0.00002325, with price volatility evident in the past 24 hours.
How is Shiba Inu’s Faring Today?
SHIB has formed a red candle on the daily chart today, confirming pressure from the sellers. Notably, it faced rejection at the $0.00002406 resistance level on June 8.
However, the $0.00002259 support has prevented further decline for SHIB. Meanwhile, SHIB is trading below the Parabolic SAR indicator, a bearish signal confirming further price decline ahead.
Also, the RSI indicator is declining to the oversold region with a value of 42.19. If the RSI drops below 30, SHIB will likely fall below the $0.00002259 support level. Therefore, SHIB will likely decline in the coming days until the buyers re-enter the market to force a recovery.
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