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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Price Could Skyrocket By 1,100%, Predicts Analyst

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu price

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In an analysis, Moataz “Eljaboom” Elsayed, a crypto analyst and Forbes 40 under 40 nominee, has forecasted a significant surge in the value of Shiba Inu (SHIB). According to Elsayed, the meme-based cryptocurrency is poised for a potential increase that could 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 initially occurred during the second quarter of 2021, shortly after Binance, a major crypto exchange, began trading SHIB. According to him, Shiba Inu’s historical data is exhibiting a pattern that, if repeated, will propel its price to new heights. He noted that the cryptocurrency experienced a notable rise to $0.00005 during the week of May 10, 2021, following its listing on Binance.

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Elsayed’s analysis 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. However, a subsequent breakout occurred in October 2021 as 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 subsequent correction and entry 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 year saw SHIB soar by more than 370% to a yearly high of $0.00004567.

Building on this data, Elsayed anticipates a similar, if not more pronounced, trajectory for SHIB in 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 be on the cards, according to the crypto analyst.

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In the daily SHIB/USD chart, Shiba Inu’s price is currently in a consolidation phase, following a significant rally to this year’s high in early March. Despite breaking out of a symmetrical triangle pattern in mid-May, SHIB failed to sustain a close above the 0.382 Fibonacci retracement level of $0.00002883.

Subsequent to this rejection, the price fell below the 0.236 Fibonacci level and is now struggling to establish support at the 100-day Exponential Moving Average (EMA). Maintaining a daily close above $0.00002326 is critical to prevent a potential further decline towards the 200-day EMA at $0.00001977.

Shiba Inu SHIB price
Shiba Inu price tries to find support at the 100-day EMA , 1-day chart | Source: SHIBUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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