Shiba Inu (SHIB) has accumulated an appreciation of 162% in 2024, but has now entered a consolidation phase, rising only 2% in seven days.
Recent technical indicators such as the Relative Strength Index (RSI), whale activity, and EMA movements suggest mixed signals for the future price trend.
SHIB's RSI has been neutral for a week
Shiba Inu’s RSI is currently at 46.45, indicating a neutral position since December 10. The RSI measures the momentum of price movements, with values above 70 considered overbought and below 30 seen as oversold.
When the RSI is between 30 and 70, it generally reflects a balanced market where neither buyers nor sellers dominate.
RSI is NORTH. Source: TradingView
At 46.45, the indicator suggests a lack of strong momentum, with price action likely to remain limited in the near term. This neutral reading indicates that the meme cryptocurrency faces neither significant buying pressure to move higher nor excessive selling pressure for a sharp decline.
Until the RSI approaches overbought or oversold levels, SHIB may continue to consolidate, awaiting a clearer directional signal.
Whales don't seem so confident
The number of wallets holding at least 1 billion SHIB hit a monthly peak of 10,921 on November 19. Tracking these large holders, often referred to as whales, is crucial because their buying and selling behavior can significantly influence market sentiment and price movements.
An increase in whale activity generally reflects growing confidence and accumulation, while a decline may signal reduced interest or potential distribution.
Holders with at least 1 billion SHIB. Source: Santiment
Since November 19, the number of such wallets has fallen sharply, reaching a low of 10,818 on December 2 before recovering slightly to 10,862. This steady decrease in whale holdings suggests waning confidence or profit-taking among large holders.
A continued decline in whale activity could exert downward pressure on SHIB’s price as it signals reduced support from significant investors, potentially leading to weaker demand in the near term.
Price Prediction: Can SHIB Regain Momentum?
Shiba Inu is currently holding a strong support level around $0.0000266, but if this level fails, the price could drop to $0.0000241.
Adding to the bearish outlook, the SHIB lines are very close to each other, with the short-term EMA about to cross below the long-term EMA.
This scenario usually signals weakening momentum and could trigger a downtrend if selling pressure increases.
SHIB Price Analysis. Source: TradingView
On the other hand, if the memecoin manages to regain upward momentum, it will face resistance at $0.0000297. A successful break above this level could pave the way for a fresh rally towards $0.000033, representing a potential 22% upside.
The article Whales Are Leaving Shiba Inu (SHIB), Analysis Reveals appeared first on BeInCrypto Brasil.
