Shiba Inu (SHIB), might be up for a massive rally ahead if historical patterns repeat themselves. This bullish prediction was disclosed in an X post by Moataz “Eljaboom” Elsayed, a Bitcoin investor and potential Forbes 40 under 40 nominees.
Shiba Inu Is Set To Repeat Historical Trends
This pattern first emerged in the second quarter of 2021, May 10 right after Binance started supporting SHIB. After the listing was announced, that week, SHIB surged to a peak of $0.00005 but later experienced a pullback.
Eljaboom made this known while observing Shiba Inu’s price changes on a weekly basis. He pointed out this pattern as he observed the crypto asset chart.
History Is Repeating Itself 👀 #SHIB pic.twitter.com/zeeXVWhpKZ
— Elja (@Eljaboom) June 8, 2024
Shiba Inu struggled under $0.00001 for 94 weeks before spiking 374% to hit $0.00004567 in March.
Eljaboom predicted that SHIB might surge as it in May 2021, aiming for a 1,105% increase to clear one zero to $0.0002404. If achieved, it would have topped a market cap of $141.6 billion.
Experts Remains Optimistic Amid Price Volatility
There have been bearish speculations arising due to Shiba Inu’s struggle to surpass the $0.00003 mark since April. The memecoin caught everyone off guard with unexpected moves, going against analysts’ hopes for a quick recovery as it recently dipped below the 50 EMA support level.
Investors have shown concerns about the movement of large SHIB tokens across various crypto platforms. This may possibly contribute to the price decline and dented hope that the memecoin might break its bearish June.
In response to Eljaboom’s predictions, well-known crypto trader Emily stated that those who have lost faith in SHIB are “clueless.” Recently, Shiba Inu received a significant endorsement from Justin Drake, a top Ethereum researcher, further boosting its attractiveness.
At the time of writing, Shiba Inu is trading at $0.000023, down by 0.23% in the last 24 hours according to CoinMarketCap.
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