Forbes 40U40 Candidate Sees Shiba Inu Crossing $0.00024 if This Pattern Repeats

10.06.2024

Moataz “Eljaboom” Elsayed, a Bitcoin investor and Forbes 40 under 40 candidate, believes Shiba Inu has the potential to cross the $0.00024 threshold if history repeats itself.

Eljaboom made this assertion while discussing Shiba Inu’s price movements on the weekly timeframe. He called the public’s attention to a pattern observed by the canine-themed crypto asset. Data from his chart suggests that SHIB is currently looking to repeat this historical structure.

Interestingly, the pattern occurred in the second quarter of 2021, shortly after Binance listed Shiba Inu. For context, Binance added support for SHIB on May 10, 2021. That week, Shiba Inu spiked to a high of $0.00005 before eventually witnessing a retracement.

SHIB Historical Data

The ensuing correction pushed SHIB below the support range of $0.0001784 to $0.00001995, keeping it underneath this level for 20 weeks, or 120 days, according to data from Eljaboom’s chart. Shiba Inu eventually broke out in October 2021, as the 2021 bull market matured.

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

— Elja (@Eljaboom) June 8, 2024

This development allowed it to transform the territory between $0.00001784 and $0.00001995 from resistance to support. Following the breakout, SHIB spiked 343.64% from the $0.00001995 level to its all-time high of $0.00008854 in late October 2021. However, another correction came after this ATH.

Eljaboom’s chart confirms that the correction spilled into the bear market, with the Terra ecosystem implosion of May 2022 triggering steeper declines for Shiba Inu and the broader crypto market. SHIB eventually broke below the $0.00001784 and $0.00001995 range again, with this price territory turning to resistance.

Shiba Inu Repeating 2021 Pattern

Shiba Inu remained underneath this threshold for 94 weeks, or 658 days, as it persistently battled to surmount $0.00001. However, a decisive breakout occurred when Shiba Inu spiked 374% to the yearly high of $0.00004567 in March this year.

Eljaboom expects SHIB to witness a price spike similar to what it recorded in May 2021. The Guinness World Record certified media personality believes this time, Shiba Inu would register a 1,105% increase from the $0.00001995 level, securing a price of $0.0002404 as its cycle top. This price would put SHIB’s market cap at $141.6 billion, which is rather feasible.

Investors Remain Bullish

Nonetheless, it bears mentioning that bearish speculations have emerged amid Shiba Inu’s inability to decisively break above the $0.00003 territory since April. Responding to Eljaboom’s projections, notable crypto trader Emily asserted that market participants who have lost faith in SHIB are “clueless.”

Anyone that’s lost faith in $SHIB is clueless 😌

— Emily’s Universe 💎 (@Crypto__emily) June 8, 2024

Despite the bearish speculations, most Shiba Inu investors remain bullish, as evidenced in CryptoQuant’s SHIB Exchange Reserve. Notably, on-chain data shows that investors have continued to pull their tokens out of exchanges since May 29. Shiba Inu exchange reserve surged to 154 trillion on May 29, but immediately began to drop, now sitting at 151 trillion tokens.

Shiba Inu Exchange Reserve | CryptoQuant

Meanwhile, Shiba Inu currently changes hands at $0.00002319, down 0.13% over the past day. SHIB broke below the crucial $0.000025 support on June 7, dropping to lows last seen in mid-May. Despite this, Santiment data shows that small addresses holding between 10,000 and 1 million SHIB as well as whales holding at least 1 trillion SHIB have continued to augment their holdings.