In 2024, the price of Shiba Inu Coin (SHIB) rose by 162%, but has now entered a consolidation phase, with an increase of only 2% in the past week. It is currently ranked 13th among all cryptocurrencies and is still the second largest meme coin after Dogecoin.
Recent technical indicators, such as RSI, whale trading and EMA trends, show that SHIB's price action is a bit mixed, with both good and bad sides. Whether it can continue to rise or fall further depends on how it handles important support and resistance levels in the next few days.
The current RSI value of SHIB is 46.45, which has remained in the neutral range for a week.
RSI is an indicator used to measure price momentum. Usually, a reading above 70 indicates an overbought market, while a reading below 30 indicates an oversold market. When the RSI is between 30 and 70, it means that the market is relatively balanced, with neither buyers nor sellers having a particular advantage.
The RSI of Shiba Inu (SHIB) is now 46.45, indicating that it does not have particularly strong upward or downward momentum, and the price may continue to fluctuate in the short term. This means that SHIB has neither strong buying to push it up nor too much selling to suppress it from falling, and the market is temporarily in a wait-and-see state.
If the RSI approaches the overbought or oversold areas, the price of SHIB may not change significantly until there are clearer directional signals.
As for the Chai Whale, it seems that there is not enough confidence at present.
On November 19, the number of addresses holding at least 1 billion SHIB reached 10,921, the highest value this month. It is important to track the movements of these large holders because their buying and selling actions have a great impact on market sentiment and price fluctuations.
Increased whale activity usually means that they are confident in the market and are accumulating, while decreased activity may mean that they are less interested in the market and may even start to distribute their SHIB.
Since November 19, the number of wallets holding more than 1 billion SHIB has dropped significantly, falling to 10,818 on December 2, and then slightly rebounded to 10,862. The reduction in whale holdings indicates that the confidence of large investors has weakened, or they have begun to take profits.
A continued decline in whale activity could put downward pressure on SHIB’s price as it means support from major investors is decreasing, which could lead to weaker market demand in the short term.
SHIB Price Prediction: Can the Good Momentum Be Regained?
As for the SHIB price prediction, the price currently has a strong support level around $0.0000266. But if it falls below this support, it may drop further to $0.0000241.
In addition, the EMA lines of SHIB are very close, and the short-term EMA line may soon fall below the long-term EMA line, which increases the bearish expectations. This trend usually means that the momentum is weakening, and if the selling pressure increases further, it may cause the price to enter a downward trend.
On the other hand, if the SHIB price is able to regain upward momentum, it will face resistance at $0.0000297. A successful break above this level could pave the way for further gains towards $0.000033, which would imply an upside potential of around 22%.
