Shiba Inu (SHIB) Price Holds Steady With Whale Activity Stabilizing

by

As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of rollercoaster rides in the crypto space. The recent dip in Shiba Inu (SHIB) doesn’t faze me much, especially considering its resilience and rapid growth over the past year.

Over the last week, the price of Shiba Inu (SHIB) has dropped by 10%, but it still ranks as the second most popular meme coin on the market, just behind Dogecoin. Despite this recent downturn, the Relative Strength Index (RSI) for SHIB has been steadily increasing, suggesting growing buying interest and possibly a change in investor sentiment towards a more optimistic outlook.

After a temporary drop, whale activity appears to have leveled off, indicating a potential halt in both buying and selling, possibly resulting in a brief period of price stabilization. As Shiba Inu (SHIB) coins trade within a set boundary, surpassing a significant resistance level could provide an opportunity for a 29.5% price increase.

Shiba Inu RSI Is Currently Neutral, But Rising

Currently, the Shiba Inu’s Relative Strength Index (RSI) is at 52.6, marking a substantial rise from 41 it was two days back. This surge indicates a significant change in market sentiment, as the buying momentum has picked up after a spell of reduced activity, suggesting a shift towards optimism.

Currently, the Relative Strength Index (RSI) is hovering around the neutral point, signifying that neither the buyers nor the sellers have a dominant position. Yet, the ongoing uptrend suggests potential positivity for the Shiba Inu coin’s short-term price movement.

The Relative Strength Index (RSI) is a tool that calculates the rate and intensity of price fluctuations between 0 and 100. When the RSI reading goes beyond 70, it suggests that the market is overbought, potentially causing a price adjustment. Conversely, if the RSI falls below 30, it indicates an oversold condition which frequently precedes a market recovery.

In simpler terms, since the Relative Strength Index (RSI) of Shiba Inu stands at 52.6, it’s currently in a relatively even zone, suggesting potential for additional growth if buying interest persists. Yet, the neutral RSI value suggests that the price might also remain steady unless there’s a significant event causing momentum to swing in either direction.

SHIB Whales Are Now Stable After Declining for 3 Days

During the span of December 14th through December 19th, a significant rise was observed in the number of wallets holding at least one billion SHIB, growing from 10,861 to 10,930. This increase suggests that larger investors have been actively accumulating SHIB during this specific time frame.

This growth indicates that major investors, or “whales,” are becoming more confident in SHIB. These large-scale investors can greatly influence market patterns because of the immense amount they hold. Accumulating SHIB could signal a positive outlook and contribute to price consistency or growth.

After hitting 10,930 on December 19, the number of Shiba Inu (SHIB) whale addresses has dropped slightly and now stands at around 10,875 over the past two days. This recent leveling off could indicate a pause in both buying and selling activity among whales, suggesting they might be holding back to observe more definitive market trends before making their next moves.

For a while, the Shiba Inu price might hold steady rather than fluctuate significantly, due to a lack of major whale involvement which can typically cause market swings. This means less volatility or strong movement up or down.

SHIB Price Prediction: A Potential 29.5% Upside

At the moment, the Shib price is confined between a narrow band, with an upper limit of approximately $0.000024 and a lower limit of around $0.00002259. These levels act as both resistance and support for the near-term movements in its price.

Should the underlying support at 0.00002259 not withstand, there’s a possibility that the second most popular meme coin may encounter additional selling pressure, possibly leading it to decline further to around 0.00001985.

Instead, if the Shiba Inu coin (SHIB) manages to surge past its current resistance at $0.000024, it might gather strength and aim for the next potential peak at $0.000026.

If we manage to exceed this current level, the price might proceed to increase towards approximately $0.0000298, indicating a possible 29.5% growth opportunity.

Read More

2024-12-25 22:38