Shiba Inu's Uncertain Momentum: Can It Surpass Critical Resistance?
1min read Shiba Inu (SHIB) has seen an 8% increase in the past week, but its ability to maintain such momentum remains uncertain. The current Relative Strength Index (RSI) indicates a neutral market position as whale activity declines to levels unseen since 2022. The critical resistance level at $0.0000172 must be surpassed to prevent a downward trend toward $0.0000116.
The latest movements in Shiba Inu’s price are a reflection of both market sentiment and internal metrics. After a turbulent month that saw a significant 25% decline, SHIB has clawed back to a $9.5 billion market cap, indicating resilience among retail investors. This recovery positions SHIB as the second-largest meme coin, facilitating a noteworthy rivalry with its primary competitor, Dogecoin (DOGE).
The current RSI at 51.6 indicates that SHIB is in a neutral zone, following a peak at 67.6 that failed to reach the overbought threshold. This illustrates a potential weakening of buying pressure. Since the RSI operates within a scale where values above 70 reflect overbought conditions, the inability to breach this level suggests that while there is buying interest, it is not robust enough to provoke a significant upward shift at this time.
This consolidation phase may continue as market participants evaluate their positions. If buying pressure mounts, we could witness an upswing; however, if selling resumes, a decline could ensue, testing lower support levels.
The decline in the number of SHIB whales—addresses holding more than 1 billion SHIB—to 10,546 represents the lowest count seen since July 2022. Whales tend to wield significant influence over market movements, and their decreasing presence could indicate diminished confidence among major players. Tracking this demographic is critical, as their buying power can dictate short-term volatility and overall market sentiment.
The trend of declining whale activity began in mid-January and appears to persist. If larger holders continue to exit their positions, it could hinder SHIB’s ability to leverage bullish market conditions. The inherent risk remains that without steady whale support, the price could face downward pressure in subsequent trading sessions.
SHIB’s exponential moving averages (EMA) suggest a prevailing bearish structure, yet there’s evidence of convergence between 
