Shiba Inu (SHIB) price has experienced a 10% decline over the past week but remains the second-largest meme coin behind Dogecoin. Despite this drop, the Relative Strength Index (RSI) for SHIB has been steadily increasing, indicating a potential shift in market sentiment and improved buying momentum.
The RSI for Shiba Inu currently sits at 52.6, up from 41 just two days prior, showing an increase in buying momentum and a shift towards a more positive market sentiment. The RSI is now in the neutral zone, suggesting a balance between buyers and sellers, but the upward trend indicates potential for further price increases in the short term.
Whale activity surrounding SHIB has seen some stabilization after a period of growth, which could lead to short-term price consolidation. Despite an initial increase in the number of addresses holding at least 1 billion SHIB, the count has since stabilized at 10,875, indicating a pause in both accumulation and distribution among large holders.
Looking at price predictions for SHIB, the coin is currently trading within a tight range with resistance at $0.000024 and support at $0.00002259. If support fails to hold, the price could see further downside pressure, potentially dropping to $0.00001985. However, breaking above the resistance at $0.000024 could lead to an upward trend with the possibility of reaching $0.0000298, representing a potential 29.5% upside.
It is important to note that this analysis is for informational purposes only and should not be considered financial advice. Market conditions are subject to change, so always conduct your own research and consult with a professional before making any financial decisions. BeInCrypto is committed to accurate and unbiased reporting, but readers should be aware of the risks involved in cryptocurrency trading.
