Shiba Inu’s Price Chart Hints at a Massive 11x Rally

• Shiba Inu price tumbles, but analysts predict a massive rebound based on past surges.
• The bullish chart suggests an 11x increase, potentially reaching $0.00024.
• The community remains optimistic despite the current market downturn.

Despite Shiba Inu (SHIB) reaching its lowest price since April amidst a market downturn, prominent figures within the crypto community remain optimistic, pointing to historical patterns that suggest a potential rebound.

A bullish Shiba Inu chart, originally posted by Moataz Elsayed, a Forbes 40 Under 40 nominee, has recently gained attention in the crypto community. Based on historical patterns, the chart predicts an 11x surge for SHIB, potentially reaching $0.00024.

The chart references Shiba Inu’s previous rally to its all-time high of $0.0000885 in the last quarter of 2021. Prior to this historic surge, SHIB experienced a temporary spike to around $0.00001995, followed by a pullback to $0.000005, where it consolidated for 140 days. This consolidation phase led to a breakout, with Shiba Inu surging by 343.64% to its all-time high in October 2021, coinciding with the height of the 2021 bull market. 

However, another significant correction followed this rally, leading to the longest consolidation phase in SHIB’s history. The asset has been consolidating for 658 days with occasional bullish breakouts. One notable breakout occurred in March when Shiba Inu reclaimed a three-year high of $0.000045, although a pullback has followed this milestone as well.

Elsayed argues that Shiba Inu is on the verge of repeating history, predicting a potential surge of 1,105% to a new high of $0.00024. Many other notable market watchers have voiced similar sentiments about SHIB. At press time, Shiba Inu trades with four leading zeros at $0.00002140.