According to Moataz Elsayed, a Forbes 40-under-40 candidate, and Bitcoin (BTC) investor, Shiba Inu (SHIB) is repeating a pattern that could lead to a significant price spike. Elsayed highlights that SHIB mirrors a pattern last observed in the second quarter of 2021 when Binance listed the popular memecoin. SHIB rallied to $0.00005 that same week, before facing a correction.
According to Elsayed, SHIB could rally to a high of $0.0002404 this cycle, a rise of about 940.7% from current price levels. If SHIB hits $0.0002404, the project’s market cap would rise to around $141.6 billion, which is an attainable figure.
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Shiba Inu (SHIB) to hit a new all-time high this month?
SHIB is facing significant resistance at $0.000025. However, many analysts anticipate the popular cryptocurrency to break out soon.
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According to the data from CoinCodex, SHIB will hit $0.00005230 by the end of this month, a rally of about 126.4% from current levels. Moreover, the platform predicts SHIB to rise to $0.00007924 on July 8, 2024. If SHIB reclaims the $0.00008 level, it may surpass its previous all-time high of $0.00008616, which it attained in October 2021.
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Changelly also anticipates Shiba Inu (SHIB) to rally over the next few weeks. The platform predicts SHIB to hit $0.00005785 by the end of this month. Moreover, Changelly’s data says the dog-themed cryptocurrency could surge to $0.00007860 in the first week of July.
There is also a possibility that SHIB will consolidate at current levels or go lower. The asset witnessed a rally in March, taking further up the rankings. However, the memecoin has struggled to gain momentum in the last couple of weeks.
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