The price of Shiba Inu (SHIB) has dropped 10% over the past 7 days, but it remains the second-largest meme coin in the market, second only to Dogecoin. Despite the recent pullback, SHIB's RSI has been steadily rising, indicating improved buying momentum and a potential shift in market sentiment.
Whale activity has stabilized after a brief drop, indicating that both accumulation and distribution have paused, which could lead to short-term price consolidation. Since SHIB is trading within a defined range, breaking through key resistance levels could open the door to a 29.5% upside potential.
Shiba Inu's RSI is currently neutral but is on the rise.
The Shiba Inu relative strength index (RSI) is currently at 52.6, significantly up from 41 two days ago. This increase reflects a notable shift in market sentiment, with buying momentum strengthening after a relatively weak period.
The RSI is currently in the neutral zone, indicating that neither buyers nor sellers have overwhelming control. However, the upward trend suggests that SHIB's price outlook has improved in the short term.
RSI is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. A value above 70 indicates overbought conditions, which may lead to a price correction, while a value below 30 indicates oversold conditions, typically before a rebound.
Shiba Inu's RSI is at 52.6, putting the token in a balanced range, and if buying pressure continues to increase, it provides room for further upside. However, a neutral RSI also means that prices may stabilize unless a strong catalyst drives momentum in either direction.
The number of SHIB whales has stabilized after three consecutive days of decline.
From December 14 to 19, the number of addresses holding at least 1 billion SHIB increased from 10,861 to 10,930, indicating a significant accumulation by large holders during this period.
This growth indicates that major investors (or 'whales') have increased confidence in SHIB, and due to their large holdings, these investors often play a crucial role in driving market trends. Such accumulation can indicate bullish sentiment and support price stability or upward momentum.
However, after peaking at 10,930 on December 19, the number of SHIB whale addresses began to decline, stabilizing around 10,875 over the past two days. This recent stability indicates that both accumulation and distribution have paused, suggesting that whales may be waiting for clearer market signals before taking further action.
In the short term, this may suggest that Shiba Inu's price could consolidate, as the lack of significant whale activity may reduce volatility and momentum in either direction.
SHIB price prediction: potential upside of 29.5%.
SHIB price is currently trading within a narrow range, with a resistance level at $0.000024 and a support level at $0.00002259, defining its immediate boundaries.
If the support level at $0.00002259 fails to hold, the second-largest meme token in the market may face further downside pressure, potentially dropping to $0.00001985.
Conversely, if SHIB's price can break through the resistance level of $0.000024, it may gain upward momentum and test the next level at $0.000026.
If this level is breached, the price may continue to rise to $0.0000298, with a potential upside of 29.5%.