Shiba Inu (SHIB) has seen a significant price increase since the beginning of 2024, with a rise of 162% year-to-date. However, SHIB's price has recently entered a consolidation phase, with only a 2% increase over the past seven days. Nonetheless, SHIB remains in 13th place by market capitalization, firmly holding its position as the second-largest meme coin, second only to Dogecoin.
Recent technical indicators show that SHIB faces some uncertainty, especially regarding 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 fluctuate.
Currently, SHIB's RSI is 46.45, indicating that market sentiment is in the neutral zone. RSI is commonly used to measure market momentum, with values above 70 indicating overbought conditions and below 30 indicating oversold conditions.
When the RSI is between 30 and 70, it typically means the market lacks a clear direction, and the forces of buyers and sellers are relatively balanced. In this case, SHIB's price may continue to oscillate within the existing range, waiting for further directional signals.
Decline in Whale Activity, Weakened 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 weakened confidence among major holders, with some whales possibly choosing to take profits. This reduced whale activity could create downward pressure on SHIB's price, particularly 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 near $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 this level is broken, SHIB is expected to rise further to $0.000033, offering approximately 22% upside potential.
EMA Line Signal: Bearish Expectation
Currently, SHIB's short-term EMA line is close to the long-term EMA line and may soon cross below it. This trend is generally seen as a bearish signal, indicating that market momentum is weakening. If selling pressure continues to increase, it 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 the current resistance level, the price may be tested by support levels and further decline to $0.0000241. Public. Zong. Good: 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 coming trading days, whether it can break through key resistance levels or maintain existing support.
