Shiba Inu (SHIB) price has seen a 10% drop over the past seven days, yet it remains the second-largest meme coin on the market, behind only Dogecoin. Despite the recent pullback, SHIB’s RSI has been steadily rising, indicating improving buying momentum and a possible shift in market sentiment.
Whale activity has stabilized after a short decline, indicating a pause in both accumulation and distribution, which could lead to a short-term price consolidation. With SHIB trading within a defined range, a break of major resistance could open the door to a 29.5% upside.
Shiba Inu's RSI is currently neutral, but rising
Shiba Inu Relative Strength Index (RSI) is currently at 52.6, up significantly from 41 just two days ago. This rise reflects a significant shift in market sentiment, with buying momentum gaining momentum after a period of relative weakness.
The RSI is now in the neutral zone, indicating that buyers and sellers are not in control. However, the upward move indicates improving conditions for SHIB price in the short term.
The Relative Strength Index, a momentum oscillator, measures the speed and magnitude of price changes on a scale of 0 to 100. Values above 70 indicate overbought conditions, which could lead to a price correction, while values below 30 indicate oversold conditions, often preceding a rebound.
With the Shiba Inu RSI at 52.6, the coin is in a balanced range, providing room for further upward movement if buying pressure continues to build. However, the neutral RSI also suggests that the price could stabilize unless a strong catalyst pushes momentum in either direction.
SHIB Whales Now Stable After 3 Days Decline
Between December 14 and December 19, the number of addresses holding at least 1 billion SHIB increased from 10,861 to 10,930, indicating a significant accumulation among large holders during this period.
This growth indicates increased confidence in SHIB by major investors, or “whales,” who often play a large role in driving market trends due to their large holdings. This accumulation can indicate bullish sentiment and support price stability or upward momentum.
Carriers of at least 1 billion gray hairs.
However, after peaking at 10,930 on December 19, the number of SHIP whale addresses has started to decline and has since stabilized at 10,875 over the past two days. This recent stabilization indicates a pause in both accumulation and distribution, suggesting that whales may be waiting for clearer market signals before taking further action.
In the short term, this could mean that Shiba Inu price could consolidate, as the absence of significant whale activity could reduce volatility and momentum in either direction.
SHIB Price Prediction: 29.5% Upside Potential
The price of Shipp is currently trading within a narrow range, with resistance at $0.000024 and support at $0.00002259 defining its immediate limits.
If the support at $0.00002259 fails to hold, the second-largest meme coin in the market could face further downside pressure, potentially leading to a drop to $0.00001985.
Ship price analysis.
On the other hand, if the price of Shipp manages to break the resistance at $0.000024, it may gain bullish momentum and test the next level at $0.000026.
If this level is broken, the price could continue to rise towards $0.0000298, representing a potential upside of 29.5%.