Shiba Inu (SHIB) price has experienced a 10% decline over the past week, but it remains the second-largest meme coin in the market, following Dogecoin. Despite this recent pullback, SHIB’s Relative Strength Index (RSI) has been steadily rising, indicating an improvement in buying momentum and a potential shift in market sentiment.
The RSI for Shiba Inu currently sits at 52.6, showing a significant increase from 41 just two days ago. This rise suggests a change in market sentiment, with buying momentum picking up after a period of weakness. Although the RSI is currently in the neutral zone, it indicates that neither buyers nor sellers have overwhelming control, but the upward trend hints at positive conditions for SHIB in the short term.
Whale activity for SHIB has stabilized after a brief decline, indicating a pause in both accumulation and distribution. This stabilization could lead to short-term price consolidation for SHIB as it trades within a defined range. Breaking a key resistance level could potentially unlock a 29.5% upside for the coin.
Between December 14 and December 19, there was an increase in the number of addresses holding at least 1 billion SHIB, suggesting significant accumulation among large holders. This growth indicates confidence in SHIB from major investors, who often influence market trends due to the size of their holdings. However, the number of whale addresses has since stabilized, indicating a temporary halt in both accumulation and distribution.
Currently, SHIB price is trading within a tight range, with support at $0.00002259 and resistance at $0.000024 defining its immediate boundaries. If the support level fails to hold, SHIB could face further downside pressure. On the other hand, breaking above the resistance level could lead to upward momentum, potentially pushing the price towards $0.0000298, representing a 29.5% upside for SHIB. This scenario is dependent on strong catalysts driving momentum in either direction.
In conclusion, Shiba Inu (SHIB) has experienced a recent price decline but remains a popular meme coin in the market. The RSI for SHIB is indicating a positive shift in market sentiment, with buying momentum increasing. Whale activity has stabilized, leading to a potential period of price consolidation for SHIB in the short term. Breaking a key resistance level could open up the opportunity for a 29.5% upside for SHIB. Investors should keep an eye on market trends and price movements to make informed decisions about their SHIB holdings.
