Shiba Inu Price is Up 20% to $0.00001139 This Week – Is This the Best Coin to Buy in Crypto Right Now?

Shiba Inu Price Uptrend On Hold, But Indicators Are Screaming Buy

The 15th largest crypto, boating $6.7 billion in market cap, tested but failed to break above resistance at the 200-day Exponential Moving Average (EMA) (in purple) at $0.00001182. Bulls tried their best to make their way through the seller congestion zone, reinforced by the red band, but only managed a long candle wick.

Despite the spike in activities among the whales, as seen with WhaleStats, the velocity of funds flowing into Shiba Inu markets is slowing down. Notice the Money Flow Index (MFI) indicator starting to drop toward the neutral zone.

With the hurdle at $0.00001182 intact, bulls may want to let go of Shiba Inu so that they can buy again possibly at $0.00001050. Such a retracement should not worry investors, as it may be a blessing in disguise – allowing Shiba Inu to collect more liquidity for a stronger pushback on the seller congestion at $0.00001182.

The positive outlook portrayed by the Moving Average Convergence Divergence (MACD) may be one of the factors keeping Shiba Inu price buoyant above $0.000011. A buy signal sent by the momentum indicator is still in place in addition to the MACD holding above the mean line.

Key Fundamentals Backing the Resumption of Shiba Inu Price Uptrend

Shiba Inu price is sitting on top of robust support areas while facing relatively weak hurdles to the upside. Based on insights from IntoTheBlock (ITB), almost 19,000 addresses that previously purchased roughly 65 trillion SHIB between at $0.000011 are ready to throw their weight behind the meme token to guarantee a bullish outcome.

The same IOMAP model reveals the absence of strong seller congestion zones to the upside. For now, the only significant bump SHIB bulls must jump over, lies at $0.000012, an area where 18,500 addresses previously bought approximately 11 trillion SHIB.

Shiba Inu Burn Rate Up 64%

The token burn rate for SHIB is up a colossal 64% in 24 hours, with almost 25 million tokens removed from the network’s supply. According to Shibburn.com, the platform tracking the program, over 410 trillion SHIB have been destroyed.

There are 571 trillion tokens left in supply, and 17 trillion of these are currently staked. The Shiba Inu community believes that reducing the supply of the meme coin will propel it to highs above $1 in the next bull market.

Shiba Inu Alternatives Promising A Better Risk/Reward Ratio

Investors may want to diversify their crypto portfolios with new altcoins in their presales. In addition to allowing investors to become early adopters at a bargain, the selected up-and-coming crypto projects have the potential to shape the future of this dynamic space. Previous tokens like TAMA rallied extensively on their first exchange listings, bringing over 1,800% in short-term returns.

Meta Masters Guild (MEMGA)

Investors have been flocking to Meta Masters Guild (MMG) to buy into one of blockchain’s revolutionary Web3 gaming platforms. The team is currently working with Gamearound to create a blockchain mobile guild for users who spend time playing games they like.

Users in this ecosystem will not need to pay or buy expensive NFTs to get started. MMG is using the play-and-earn approach to reward players in a currency called Gems. This in-game currency can be converted to MEMAG, the platform’s native token for staking, or converted to other crypto assets like ETH.

The guild is expected to launch with three games namely: Meta Kart Racers, Raid NFT, and Meta Masters World. Users will also be rewarded for other contributions to the ecosystem, including game development, content creation, supply of in-game items, and giveaways.