Shiba Inu (SHIB), the Ethereum-based meme coin, has witnessed a notable price increase over the past month, reflecting heightened interest in altcoins within a relatively stable cryptocurrency market. However, recent data suggests the asset has entered a consolidation phase, raising questions about its future direction.
RSI Shows Neutral Momentum Amid Whale Activity Decline
The relative strength index (RSI) for Shiba Inu has rebounded from a significant drop, increasing to 47.1 from a low of 31.7 recorded the previous day. Though this recovery follows a recent peak of 68.4, the indicator remains below the neutral threshold of 50.
This plateauing of the RSI suggests a lack of aggressive trading activity, with market participants hesitant as they await clearer signals of direction. Continued ascent above the neutral threshold could herald a bullish trend, while failure to maintain upward momentum might lead to persistent range-bound trading.
Whale Accounts Dwindle as Demand Softens
Recent statistics indicate a significant trend concerning the whale wallets associated with Shiba Inu. In just nine days, the number of wallets holding at least 1 billion SHIB has decreased from 10,232 to 10,205, signaling a subtle decrease in interest among large holders.
While this reduction may seem minor, it aligns with a broader trend of fluctuating whale accumulation. These influential accounts, which typically dictate market movement through high-volume transactions, appear to be retreating, potentially reflecting a waning long-term confidence in SHIB’s prospects.
Price Range Consolidates Between Key Levels
Currently, SHIB is trading within a narrow range, poised between a support level at $0.000014 and resistance at $0.0000152. Previously bullish exponential moving averages are now flattening, indicating a pause in directional movement.
A failure to hold the $0.0000139 mark could trigger further declines to levels around $0.0000127 or even $0.0000123. Conversely, breaking above $0.0000152 might open the pathway towards the next resistance, estimated near $0.0000176.
This technical setup underscores a classic consolidation scenario, with traders and investors on the lookout for renewed buying pressure or a deeper retracement amid market uncertainty.
Market Sentiment Mixed Amid Long-Term Uncertainty
In the past 24 hours, SHIB has seen a 3.4% uptick; nevertheless, it is down 8.5% over the past week. This divergence reflects a short-term return to buying activity, yet broader price trends continue to invoke caution among investors.
The current combination of neutral RSI readings, declining whale holdings, and flattening EMAs suggests that the meme coin will likely contend with resistance unless overall market enthusiasm returns or specific events trigger a breakout.
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