The price of Shiba Inu (SHIB) has dropped 10% in the past 7 days, but it remains the second-largest meme coin in the market, following 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 decline, indicating that both accumulation and distribution have paused, which could lead to short-term price consolidation. As SHIB trades within a defined range, breaking key resistance could open the door for a 29.5% upward potential.
Shiba Inu RSI is currently neutral but on the rise.
The Shiba Inu Relative Strength Index (RSI) is currently at 52.6, a significant rise 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 neutral territory, indicating that neither buyers nor sellers have overwhelming control. However, the upward trend suggests an improvement in SHIB price conditions in the short term.
SHIB RSI. Source: TradingView
RSI is a momentum oscillator that measures the speed and change of price movements on a scale of 0 to 100. Values above 70 indicate overbought conditions, which may lead to a price correction, while values below 30 indicate oversold conditions, typically before a rebound.
Shiba Inu RSI is at 52.6, indicating that the token is within a balanced range. If buying pressure continues to increase, it provides room for further upward movement. However, a neutral RSI also means that the price may stabilize unless there is a strong catalyst to drive momentum in either direction.
The number of SHIB whales has stabilized after declining for three consecutive days.
Between December 14 and 19, the number of addresses holding at least 1 billion SHIB increased from 10,861 to 10,930, indicating significant accumulation by large holders during this period.
This growth indicates that major investors (or 'whales') have increased confidence in SHIB. Due to their large holdings, these investors often play a significant role in driving market trends. This accumulation can signify bullish sentiment and support price stability or upward momentum.
Addresses holding at least 1 billion SHIB. Source: Santiment
However, after peaking at 10,930 on December 19, the number of SHIB whale addresses began to decline, stabilizing at 10,875 over the past two days. The recent stability suggests that both accumulation and distribution have paused, indicating that whales may be waiting for clearer market signals before taking further action.
In the short term, this may mean that Shiba Inu prices could consolidate, as a lack of significant whale activity may reduce volatility and momentum in either direction.
SHIB Price Prediction: Potential Increase of 29.5%
SHIB price is currently trading within a narrow range, with resistance at $0.000024 and support at $0.00002259, defining its immediate boundaries.
If the support level of $0.00002259 fails to hold, the second-largest meme token in the market may face further downward pressure, potentially dropping to $0.00001985.
SHIB Price Analysis. Source: TradingView
Conversely, if the SHIB price can break through the $0.000024 resistance level, it may gain upward momentum and test the next level of $0.000026.
If this level is broken, the price may continue to rise to $0.0000298, a potential increase of 29.5%.