The price of Shiba Inu (SHIB) has surged 162% in 2024, but it has now entered a consolidation phase, rising by only 2% in the past seven days. SHIB is ranked 13th among all cryptocurrencies by market cap, and remains the second-largest meme coin, behind only Dogecoin.
Recent technical indicators, such as the RSI, whale activity, and EMA movements, are giving mixed signals for SHIB’s price direction. Whether it regains momentum or faces further declines depends on how it interacts with key support and resistance levels in the coming days.
SHIB's RSI has been neutral for a week.
SHIB Relative Strength Index (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 those below 30 considered oversold.
When the RSI is between 30 and 70, it usually reflects a balanced market, where neither buyers nor sellers dominate.
At 46.45, the Shiba Inu RSI is indicating a lack of strong momentum, with price activity likely to remain rangebound in the short-term. This neutral reading suggests that SHIB is not facing significant buying pressure to push it higher, nor excessive selling pressure to push it sharply lower.
Until the RSI moves closer to overbought or oversold levels, SHIB price may continue to consolidate, waiting for a clearer directional signal.
Shiba Inu whales don't seem so confident.
The number of wallets holding at least 1 billion SHIB reached a monthly high of 10,921 on November 19. Keeping track of these large holders, often referred to as whales, is crucial as their buying and selling behavior can significantly impact market sentiment and price movements.
Increased whale activity typically reflects increased confidence and accumulation, while a decrease can indicate waning interest or potential distribution.
Since November 19, the number of such wallets has fallen sharply, reaching 10,818 on December 2 before seeing a slight recovery to 10,862. This continued decline in whale holdings indicates a decline in confidence or profit-taking among large holders.
Continued low whale activity could put downward pressure on SHIP price, as it indicates less support from large investors, which could lead to weak demand in the short term.
SHIB Price Prediction: Can It Regain Good Momentum?
Shiba Inu price is currently holding a strong support level around $0.0000266, but if this level fails, the price may drop to $0.0000241.
Adding to the negative outlook, Shipp’s EMA lines are very close together, with the short-term EMA about to cross below the long-term EMA. This setup usually indicates weak momentum and could lead to a downtrend if selling pressure increases.
On the other hand, if the price of Shipp manages to regain the upward momentum, it will face resistance at $0.0000297. A successful break above this level could open the door for another increase towards $0.000033, which represents a 22% increase.
