Shiba Inu (SHIB) price has surged 162% in 2024, but it has now entered a consolidation phase, gaining only 2% in the last seven days. Ranking 13th among all cryptocurrencies by market cap, SHIB remains the second-largest meme coin, trailing only Dogecoin.
Recent technical indicators, such as RSI, whale activity, and EMA movements, suggest mixed signals for SHIB’s price direction. Whether it recovers momentum or faces further downside depends on how it interacts with key support and resistance levels in the coming days.
SHIB RSI Have Been Neutral for One Week
SHIB RSI (Relative Strength Index) 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 seen as oversold.
When the RSI is between 30 and 70, it typically reflects a balanced market, where neither buyers nor sellers dominate.
SHIB RSI. Source: TradingView
At 46.45, Shiba Inu RSI suggests a lack of strong momentum, with price activity likely to remain range-bound in the short term. This neutral reading indicates that SHIB is not facing significant buying pressure to push higher, nor excessive selling pressure to drive a sharp decline.
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 Doesn’t Appear That Confident
The number of wallets holding at least 1 billion SHIB reached a month-high 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 typically reflects growing confidence and accumulation, while a decline can signal reduced interest or potential distribution.
Holders with at least 1 billion SHIB. Source: Santiment
Since November 19, the number of these wallets has declined sharply, dropping to 10,818 on December 2 before seeing a slight recovery 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 put downward pressure on SHIB price, as it signals reduced support from significant investors, potentially leading to weaker demand in the short term.
SHIB Price Prediction: Can It Recover the Good Momentum?
Shiba Inu price currently holds a strong support level around $0.0000266, but if this level fails, the price could drop to $0.0000241.
Adding to the bearish outlook, SHIB’s EMA lines are very close to each other, with the short-term EMA on the verge of crossing below the long-term EMA. This setup typically signals weakening momentum and could trigger a bearish trend if selling pressure increases.
SHIB Price Analysis. Source: TradingView
On the other hand, if SHIB price can regain upward momentum, it will face resistance at $0.0000297. A successful breakout above this level could open the door for a further rise toward $0.000033, representing a 22% upside.
