Shiba Inu Beneath Important Support, Is It Time For You To Buy?

Shiba Inu is one of the most popular meme coins, but the cryptocurrency’s performance over the past year has been discouraging for holders. Despite being the second largest Mem coin, its price continues to decline and has caused the asset to break below a very important support. And now that SHIB is at the $0.000008 level, is it a good time to buy Mim Coin?

shiba inu fell below critical level

For the Shiba Inu, the $0.000009 price level has served as a good support for it through the ups and downs of the crypto market during the past year. This is the most important point for the bears to beat if they want to control the digital asset. However, during the past week, SHIB has declined below $0.000009 which may present a good buying opportunity for the digital asset.

One of the reasons why SHIB might be a good play to buy right now is that the developments made by the team have not yet been reflected in the coin’s performance. Furthermore, with the launch of four new hubs in Shib:Metaverse coming soon, Mayhem 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 is also consolidating for a while with the likes of Bitcoin and Ethereum trading sideways for the past week. Once this consolidation ends, the upside potential for these larger assets remains high. And as always, a rally in these top cryptocurrencies will drag the rest of the market along.

If bitcoin rises above $30,000 again, SHIB could once again go up to $0.00001, which would mean more than 10% gains for investors in the short term. In the longer term, the gains could be higher, assuming the market does not completely break out of its bull trend.

SHIB could be a breakout star

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

#shibarmi, @tangem SHIB-themed cold wallet is about to be released! 🎉 These card-sized vaults are ready to become your new best friend for protecting the tokens of our ecosystem. Get ready to bring your own when pre-orders begin on May 29: pic.twitter.com/7kAfLZYHPG

— Shib (@shibtoken) May 18, 2023

Such developments have proved to be good for Mim Coin. Additionally, the price of SHIB is sitting at about 90% of its all-time high, which historically, has been a good level to buy the cryptocurrency.

Nevertheless, SHIB still leaves a lot to be desired as its volume has dropped to $92 million, indicating a decline in activity in Mim Coin. However, it also presents a bullish opportunity, and the bullish momentum could easily help the crypto grow by around 10% from here.