Shiba Inu (SHIB) has experienced a remarkable 162% surge in 2024, but it now finds itself at a crossroads, with market signals offering conflicting insights. The coin's price is caught in a phase of uncertainty, as key indicators like the Relative Strength Index (RSI), whale activity, and moving averages suggest a lack of clear direction.
Currently, SHIB’s RSI stands at 46.45, indicating it is neither overbought nor oversold. For over a week, the market has been in a balanced state, with neither buyers nor sellers taking control. This lack of strong momentum suggests that SHIB may continue to trade within a range, with no significant price movement expected in the short term unless clearer market signals emerge.
Another concerning sign for SHIB’s future is the decline in whale activity. The number of large holders (whales) has dropped from a peak of 10,921 wallets holding over 1 billion #Shibalnu in November to 10,862 in December. This reduction in whale activity could indicate waning confidence among major investors, which has historically had a strong correlation with price movements.
Despite these uncertainties, #shiba⚡ has found solid support at the $0.0000266 level. If this level is breached, however, the price could fall further to $0.0000241. On the other hand, SHIB faces resistance at $0.0000297, and a successful breakout above this level could push the coin higher, potentially reaching $0.000033, marking a 22% increase.
The narrowing of SHIB’s moving averages signals weakening momentum, and if the price fails to break past key resistance levels, a bearish trend may be in the cards.
With mixed signals in the market, the short-term outlook for #SHIBAINU remains uncertain. Investors should closely monitor any shifts in whale activity or momentum, as these factors could determine whether $SHIB will break out of its current consolidation phase or continue to experience price stagnation.
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