The price of Shiba Inu (SHIB) has fallen by 10% over the past 7 days, but it remains the second largest meme coin after Dogecoin. Despite the recent decline, SHIB's RSI has been steadily rising, indicating improved buying momentum and the possibility of a shift in market sentiment.
Whale activity has stabilized after a temporary decline, suggesting a temporary pause in buying and selling. This could allow the price to find a bottom in the short term. If SHIB trades within a specific range and breaks through key resistance, it could open up the possibility of a 29.5% upside.
Shiba Inu RSI Neutral... Trending Upward
The Shiba Inu Relative Strength Index (RSI) is currently at 52.6, a significant increase from 41 two days ago. This increase reflects a clear change in market sentiment, indicating that buying momentum has strengthened following a relative weakness.
The RSI is currently in the neutral zone, with neither buyers nor sellers having overwhelming control. However, the upward movement suggests the possibility of short-term improvement in SHIB's price.
The RSI is a momentum indicator that measures the speed and magnitude of price changes on a scale of 0 to 100. Readings above 70 indicate an overbought state, where price corrections may occur, while readings below 30 indicate an oversold state, where a rebound may be possible.
With the Shiba Inu RSI at 52.6, the coin is in a balanced range, and if buying pressure continues to increase, there is room for further upside. However, the neutral RSI suggests that the price may stabilize without a strong catalyst.
Shiba Inu Whales Stabilize After 3-Day Decline
From December 14 to December 19, the number of addresses holding at least 10 billion SHIB increased from 10,861 to 10,930, indicating notable accumulation among these large holders during this period.
This growth suggests an increase in confidence in SHIB among major investors, or "whales." Whales play a crucial role in driving market trends due to the size of their holdings. This accumulation indicates a bullish sentiment and could support price stability or upward momentum.
However, after peaking at 10,930 on December 19, the number of SHIB whale addresses began to decline and has stabilized at 10,875 over the past two days. This recent stabilization suggests a temporary pause in buying and selling, and whales may be waiting for clearer market signals before taking further action.
In the short term, this could mean that the Shiba Inu price may find a bottom. The absence of whale activity could reduce volatility and momentum.
Shiba Inu Price Prediction: Maintaining the $0.00002259 Support is Crucial
The SHIB price is currently trading within the range of $0.000024 resistance and $0.00002259 support.
If the $0.00002259 support level is not maintained, the second-largest meme coin could face additional downward pressure and potentially drop to $0.00001985.
Conversely, if the SHIB price can break through the $0.000024 resistance, it could gain upward momentum and test the next level at $0.000026.
Exceeding this level could allow the price to continue rising to $0.0000298, potentially representing a 29.5% upside.
