Shiba Inu RSI Rises 55% But Whale Wallets Decline 28

Shiba Inu (SHIB) has shown signs of recovery from recent lows, with its Relative Strength Index (RSI) rising from 30.18 to 47 over the past three days. This improvement indicates a shift from near-oversold conditions to a more neutral zone, suggesting easing selling pressure. However, the inability of SHIB to break above the 51 RSI mark signals that bullish momentum remains fragile. The RSI, a momentum oscillator, measures the speed and magnitude of price changes, helping to identify overbought or oversold conditions. Readings below 30 indicate oversold levels, while values above 70 suggest overbought territory. With SHIB’s RSI at 47, the asset is in a neutral zone, leaving room for either a breakout or a reversal.

The number of Shiba Inu whales—wallets holding at least 1 billion tokens—has been declining since June 11, falling from 10,259 to 10,231. This gradual reduction in large holder participation could signal weakening confidence among major players. A consistent downtrend in whale activity often correlates with diminished support during volatile phases, making SHIB more vulnerable to price swings. Tracking whale behavior is critical because large holders can influence price movements through sudden buys or sells. A rising whale count often suggests accumulation and long-term confidence, while a declining number may imply distribution or exit. With SHIB whale wallets shrinking, it could indicate that major investors are either taking profits or hedging against further downside. If this trend continues, it may add pressure on SHIB’s price, especially if retail interest fails to offset the whale outflows.

Shiba Inu price recently tested and held the key support level at $0.0000119, offering a temporary floor despite broader bearish signals. The token’s Exponential Moving Averages (EMAs) remain in a bearish alignment, with short-term EMAs positioned below long-term ones, indicating ongoing downward pressure. If this support is retested and fails to hold, SHIB could slide toward the next critical level at $0.0000114, potentially opening the door for further downside. However, if sentiment shifts and SHIB manages to build upward momentum, the price could challenge the immediate resistance at $0.0000128. A breakout above this level may trigger a rally toward $0.0000136, and if buying pressure continues, even a push to $0.0000146 is possible. For now, SHIB is trapped between crucial support and resistance zones, and a clear break in either direction will likely define its short-term trajectory.

In conclusion, Shiba Inu’s recent recovery attempts are met with mixed signals. While RSI improvements and key support levels offer hope, declining whale wallets and bearish EMA patterns underscore persistent caution. Investors should monitor these technical indicators closely, as SHIB’s short-term direction hinges on breaking current resistance or support zones. Maintaining vigilance on whale activity and momentum oscillators will be essential for anticipating potential shifts in market sentiment.