Shiba Inu price is up 20% to $0.00001139 this week – Is it the best crypto to buy right now?

After a slight retracement, SHIB is currently trading at $0.00001140. If investors continue to cash in their profits, Shiba Inu could be forced to take refuge at $0.00001050 before another potentially massive rally to $0.000014 and $0.000018, respectively, in the coming week.

Ethereum whales focus on SHIB as Shiba Inu price gains momentum for next breakout

Despite the price drop, SHIB was earlier today the most traded token among the top 100 Ethereum whales. According to WhaleStats, a crypto-currency whale tracking platform, Shiba Inu dethroned Curve DAO (CRV) from the top spot, implying that interest in the meme currency is growing.

WhaleStats data revealed that Shiba Inu was one of the most used smart contracts among the top 100 Ethereum whales over 24 hours. Hashflow (HFT) came out on top in this category, ahead of Numeraire (NMR), SHIB, Chiliz (CHZ) and Boba Network (BOBA).

Shiba Inu’s price uptrend is on hold, but indicators are screaming “buy

The 15th largest crypto, with a market cap of $6.7 billion, tested but failed to break above the 200-day exponential moving average (EMA) resistance (in purple) at $0.00001182. The bulls did their best to work their way through the sellers’ congestion zone, reinforced by the red band, but only managed to get a long candle wick.

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Despite the spike in activity among the whales, as seen with WhaleStats, the speed of money flowing into the Shiba Inu markets is slowing. Note that the Money Flow Index (MFI) indicator is starting to drop towards the neutral zone.

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

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The positive outlook depicted by the Convergence Divergence Moving Average (CDMA) could be one of the factors keeping Shiba Inu’s price above $0.000011. A buy signal from the momentum indicator is still in place in addition to the MACD holding above the mean line.

Key fundamentals supporting the resumption of the uptrend in the price of Shiba Inu
Shiba Inu price is sitting on robust support areas while facing relatively low barriers to the upside. Based on information provided by IntoTheBlock (ITB), nearly 19,000 addresses that have previously purchased approximately 65 trillion SHIBs between $0.000011 are willing to put their weight behind securing a bullish outcome.

The same IOMAP model reveals the absence of strong areas of seller congestion on the upside. For now, the only significant bump that SHIB bulls need to get over is at $0.000012, an area where 18,500 addresses have previously bought about 11 trillion SHIB.

Shiba Inu burn rate up 64%

The burn rate of SHIB tokens has increased by 64% in 24 hours, with nearly 25 million tokens removed from the network’s supply. According to Shibburn.com, the platform that tracks the program, more than 410 trillion SHIBs have been destroyed.

There are 571 trillion tokens left in storage, of which 17 trillion are currently in play. The Shiba Inu community believes that reducing the supply of this meme currency will propel it to highs above $1 in the next bull market.

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