#SHIB،

Shiba Inu (SHIB) Price Action Shows Conflicting Technical Patterns

Shiba Inu (SHIB) price has entered a critical phase as several technical indicators point to conflicting signals for its short-term trend. The popular coin has faced significant selling pressure over the past week, dropping 20% ​​and its market cap falling from $15 billion to $12.5 billion.

The latest price action shows SHIB testing crucial support levels while the Relative Strength Index (RSI) is recovering from the oversold zone, suggesting a potential trend reversal. However, the recent decline in whale accumulation and the formation of a death cross on December 18 cast a shadow over the immediate recovery prospects.

SHIB’s RSI is currently recovering from oversold conditions

SHIB’s Relative Strength Index (RSI) has shown a significant recovery, rising from a deep oversold level of 16.9 just three days ago to its current reading of 44.

This shift represents a significant change in market momentum, as the RSI measures the speed and magnitude of recent price movements on a scale of 0 to 100. When the RSI drops below 30, the asset is considered oversold, while readings above 70 indicate overbought conditions.

With the Shiba Inu RSI currently at 44, the asset is sitting in a balanced position that could signal additional upside potential in the short-term.