Shiba Inu (SHIB) has seen a significant price increase since the beginning of 2024, with a rise of 162% year-to-date. However, the price of SHIB has recently entered a consolidation phase, rising only 2% in the past week. Nevertheless, SHIB remains in 13th place in market capitalization and firmly holds the position of the second-largest meme coin, second only to Dogecoin.
Recent technical indicators show that SHIB is facing some uncertainty, particularly in terms of RSI, whale activity, and EMA trends. The next few days will be crucial; whether SHIB can regain upward momentum or continue to face downward pressure depends on how it interacts with key support and resistance levels.
RSI remains neutral, and the price may continue to fluctuate.
Currently, SHIB's RSI is 46.45, indicating that market sentiment is in a neutral zone. RSI is usually used to measure market momentum; above 70 indicates overbought, while below 30 indicates oversold.
When RSI is between 30 and 70, it usually means that the market lacks a clear direction, with buying and selling forces being relatively balanced. In this case, SHIB's price may continue to oscillate within the existing range, waiting for further directional signals.
Declining whale activity signals weakening confidence
On November 19, the number of whale wallets holding at least 1 billion SHIB reached a monthly high of 10,921. However, since then, whale activity has gradually decreased, falling to 10,818 on December 2, and then slightly rebounding to 10,862.
The decrease in whale holdings may indicate a weakening of confidence among large holders, with some whales possibly opting to take profits. This reduced whale activity may create downward pressure on SHIB's price, especially in the short term, potentially leading to a decrease in market demand.
SHIB Price Prediction: Support and Resistance Levels
Support level: SHIB currently has strong support around $0.0000266. If the price falls below this level, it may further retreat to $0.0000241.
Resistance level: If the price recovers, SHIB will face resistance at $0.0000297. If it breaks through this level, SHIB is expected to rise further to $0.000033, indicating about a 22% increase potential.
EMA line signal: Bearish expectations
Currently, SHIB's short-term EMA line is close to the long-term EMA line and may soon cross below. This trend is usually seen as a bearish signal, indicating that market momentum is weakening. If selling pressure continues to increase, this may trigger a deeper downward trend.
Future Trend Outlook
SHIB's short-term trend will be influenced by multiple factors. If the price can break through the resistance level of $0.0000297 and regain upward momentum, it may further challenge the target of $0.000033. Conversely, if SHIB fails to break through the current resistance level, the price may be tested against support levels and further decline to $0.0000241. Gong.Zong.Hao: Liu Liu Says Coin
Overall, the market sentiment for SHIB is currently neutral. Investors should pay attention to the changes in RSI, whale activity, and EMA lines, especially in the upcoming trading days, whether it can break through key resistance levels or maintain existing support.
