The Shiba Inu (SHIB) price has dropped 21% in the past 30 days, with trading volume down 16% in the recent 24 hours, currently at $386 million. Technical indicators show mixed signals, with the RSI recovering from oversold levels but remaining neutral, suggesting a lack of strong momentum.
Whale activity has also declined, with large holdings bottoming out in recent months, signaling a potential distribution. SHIB’s next move may depend on whether it holds key support or breaks through resistance to regain bullish momentum.
The SHIB RSI is currently neutral
The Shiba Inu RSI is at 44.9, recovering from an oversold level of 28 on January 13 and temporarily reaching 55 today. The index, ranging from neutral to slightly bearish, shows a balance between buying and selling pressure, with no strong momentum currently driving prices.
RSI, or Relative Strength Index, measures price momentum on a scale of 0 to 100, with values below 30 indicating oversold conditions and above 70 indicating overbought levels.
At 44.9, the SHIB RSI indicates stability or slight downward pressure. An upward move requires RSI to exceed 50 to signal stronger upward momentum.
The Shiba Inu “whale” is not accumulating
The number of whales holding at least 1 billion SHIB has fallen from a monthly peak of 10,930 on December 19 to 10,832 today, after hitting a low of 10,831 two days ago.
This sustained decline indicates a cumulative reduction of large holders, which could imply weakening confidence or reduced interest from key market participants.
Monitoring whale activity is important as these large holders can greatly impact price trends and liquidity. The current decline in whale numbers points to a potential distribution trend, which could put downward pressure on SHIB prices unless there is new accumulation to offset this trend.
However, the recent stabilization near the bottom could indicate selling has slowed, creating the possibility of a recovery.
SHIB price prediction: Will it drop another 11.9%?
The price chart shows that SHIB has close support at $0.0000205 which, if broken, could lead to a decline towards $0.0000185, representing a potential 11.9% correction.
Conversely, if an uptrend emerges, SHIB price could test the resistance at $0.000022 and if surpassed, could move towards $0.000024.
A strong uptrend could push Shiba Inu prices back to levels near $0.0000298, signaling a significant recovery and renewed bullish momentum.
