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Shiba Inu (SHIB) price has been trading within a narrow range, suppressed under the $0.00000750 psychological level since early September. Overhead pressure continues to build for SHIB, worsened by reducing volatility. The candlestick bars reducing their range of oscillation indicates this. The meme coin must overcome resistance for a move north due to the 50-day Exponential Moving Average (EMA) standing 5% above current levels.
Shiba Inu Ecosystem Welcomes New Partner
The Shiba Inu ecosystem welcomes a new partner into the space, Welly, which has excited interest even from SHIB lead Shytoshi Kusama.
Seriously, I couldn’t be more proud of these guys… #wellyfriends https://t.co/GDUdeL5yez
— Shytoshi Kusama™ (@ShytoshiKusama) October 7, 2023
Kusama responded to a Welly community member, PB, who indicated that the Welly store was in its final stages before the premiere. Notably, Welly is a fast food restaurant of Italian specialty, set to support the SHIB community and the Shibarium blockchain. Specifically, these two ecosystems will support the management of Welly’s operations, including customer loyalty and food-related incentives. The SHIB community participated in the concept structuring and refinement of the restaurant.
Other Bullish Fundamentals For Shiba Inu
Besides the matriculation of Welly, the Shiba Inu ecosystem is also enthused with the first anniversary of Shiba Eternity. This is a Shiba Inu CCG game, with a new tournament series due soon in recognition of the milestone.
Celebrate #ShibaEternity‘s one-year anniversary in the dogjo 🐕🥋
To mark this milestone, we’re excited to announce a thrilling new tournament series ⚔️
Stay tuned for exciting updates, including new sponsors and fiery #Shib burns🔥🔥🔥 pic.twitter.com/PDrK7qTxVP
— Mazrael (@_Mazrael_) October 6, 2023
These developments could see the Shiba Inu ecosystem record fresh gains soon. It is also worth mentioning that Kusama revealed his meeting with the AI team behind Bad Idea earlier in the week. Reportedly, they discussed “secret and not-so-secret AI initiatives” for Shiba Inu.
Shiba Inu Price Prognosis As SHIB Holders Digest Kusama’s Words
When writing, Shiba Inu’s price is $0.00000720, registering a 0.4% slump in the last 24 hours. Within the same timeframe, trading volume has dropped 15%, suggesting investor interest in the token is waning. Momentum indicators add to the bearish outlook, with the Relative Strength Index (RSI) still under the 50 level and almost curving south. The same goes for the Awesome Oscillator (AO) indicator, which is also in the negative territory.
As momentum continues to fade, bears could seize the opportunity to send the Shiba Inu price south, potentially retesting the immediate support at $0.00000690. In the dire case, the losses could extend for SHIB to test the midline of the demand zone at $0.00000673. A decisive move below this level would solidify the downtrend, likely sending the meme coin’s value to collect sell-side liquidity resting underneath. This would mean the order block has failed as a demand zone and flipped into a bearish breaker.
Meanwhile, with the demand zone still in play as a support order block, Shiba Inu’s price could rise, steered by aggressive buying from the zone. Increased buying pressure could see the meme coin shatter the 50-day EMA at $0.00000758. In a highly bullish case, the gains could send SHIB to the supply zone, marked by the 100-day EMA at $0.00000793.
For a confirmed uptrend, the Shiba Inu price must break the midline of this order block at $0.00000814. Such a move must constitute a 13% climb above current levels. With the green AO histogram bars, bulls are still in play and could push the Shiba Inu price north.
Instead of betting on SHIB, consider an alternative with better and more near-term prospects, MK. Here is a review of the project’s presale.
Shiba Inu Alternative
MK is the powering cryptocurrency behind the Meme Kombat ecosystem, a stake-to-earn project where players are rewarded for participation. It is an innovative new gaming platform custom-made for gaming enthusiasts. Choose your meme based on favoritism or the playing odds.
Web3 titans will face off. An excellent chance for @pepecoineth and @pepe2coineth followers to show up for their communities 👊
Join us in the arena in #MemeKombat pic.twitter.com/eJiRnP8A3q
— Meme Kombat (@Meme_Kombat) October 7, 2023
The project is currently in the presale stage, recording ultra-fast growth. The latest website update shows that almost $370,000 is already in the bank as the presale sales sprint to the $1,000,000 mark. Buy MK using Ethereum (ETH) or Tether (USDT) today to get in on the action.
— Meme Kombat (@Meme_Kombat) October 6, 2023
Meanwhile, analysts say Meme Kombat has the potential to record 10x growth, making it the industry’s most likely “next big meme coin.”Do not let this pass you by, especially if you missed the Pepe mania. In fact, analysts are already considering the potential for MK to outperform its peers in the industry, including Dogecoin (DOGE) and Pepe (PEPE).
Visit Meme Kombat here
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