Shiba Inu Falls Below Critical Support, Is It Time For You To Buy?
May 19 2023 - 6:00PM
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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. Related Reading: Decentraland
(MANA) Leads Crypto Market Gains, Here’s Why 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. Related Reading:
Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery
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
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