Shiba Inu Falls Below Critical Support, Is It Time For You To Buy?

Best Owie

1 year ago

3 mins read

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Shiba Inu remains one of the most popular meme coins but the performance of the cryptocurrency in the last year has been discouraging for holders. Despite remaining the second-largest meme coin, it has continued to decline in price and this has caused the asset to fall below very crucial support. And now that SHIB is now sitting at the $0.000008 level, is it a good time to buy the meme coin?

Shiba Inu Falls Below Critical Level

For Shiba Inu, the $0.000009 price level has served as good support for it through the ups and downs of the crypto market over the last year. This made it the most important point for bears to beat if they were to take control of the digital asset. However, over the last week, SHIB has fallen below $0.000009 which could present a good buying opportunity for the digital asset.

One reason why buying SHIB could be a good play right now is that the developments by the team are yet to reflect in the performance of the coin. Also, with the launch of the four new hubs in Shib: The Metaverse coming soon, the meme coin could see renewed interest and this interest could lead to a price rally.

SHIB price falls below $0.000009 support | Source: SHIBUSD on TradingView.com

The market has also been consolidating for a while with the likes of Bitcoin and Ethereum trading sideways for the last week. Once this consolidation ends, the likelihood of these large assets rallying upward remains high. And as always, a rally in these top cryptocurrencies would pull the rest of the market up with it.

If Bitcoin were to move above $30,000 again, SHIB could go as high as $0.00001 once more, which would mean a more than 10% gain for investors in the short run. Over the long term, the gains could be higher, assuming that the market has not completely exited its bull trend.

SHIB Could Be A Breakout Star

The Shiba Inu team continues to rapidly develop the ecosystem and the latest in its long line of products is its SHIB-themed cold wallets. These wallets have been in the works for a while and the official SHIB handle confirmed on Twitter that the wallets will be ready for preorder on May 29. The wallets are being developed in partnership with Swiss company Tangem to allow users to hold more than 6,000 coins.

#SHIBARMY! @Tangem is about to unleash SHIB-themed cold wallets! 🎉 These card-shaped vaults are set to become your new best friend for safeguarding our ecosystem's tokens. Get ready to fetch your own when pre-orders kick off on 29th May: https://t.co/6jXEBjOCP5 pic.twitter.com/7kAfLZYHPG

— Shib (@Shibtoken) May 18, 2023

Developments such as these have proven to be good for the meme coin. Additionally, SHIB’s price is sitting at almost 90% of its all-time high price, which, historically, has been a good level to purchase cryptocurrencies at.

Nevertheless, SHIB still leaves a lot to be desired since its volume has declined to $92 million, indicating a drop in activity in the meme coin. However, it also presents an opportunity for a rapid rise and an uptick in momentum can easily help the cryptocurrency grow around 10% from here.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

Best Owie

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