$SHIB Faces Uncertainty as Whale Holdings Decline in December - BeinCrypto Analytics

SHIB has shown impressive growth in 2024, with its price surging 162%, though it has recently entered a consolidation phase, gaining only 2% in the past week. As the 13th largest cryptocurrency by market cap, SHIB remains the second-largest meme coin, trailing only Dogecoin.

Technical indicators paint a mixed picture. The RSI stands at 46.45, signaling a neutral stance, meaning the coin is neither seeing significant buying nor selling pressure. As a result, SHIB is likely to remain range-bound in the short term until a clearer signal emerges.

Key support is at $0.0000266, and if this level fails, SHIB could drop to $0.0000241. Conversely, if SHIB can regain upward momentum, resistance looms at $0.0000297. A successful breakout above this point could see SHIB rise to $0.000033, offering a 22% upside.

SHIB’s closely aligned EMA lines suggest weakening momentum, with the possibility of a bearish trend if selling pressure increases. Investors should monitor these key levels to gauge the next movement direction.