Shiba Inu (SHIB) prices have slipped again despite technical indicators briefly showing recovery signs. The bullish signal from the Relative Strength Index (RSI) wasn't strong enough to reverse the bearish trend, while selling pressure from large investors (whales) further dampened market sentiment.
RSI Rebounds But Fails to Break Bullish Threshold
In recent days, SHIB's RSI surged sharply from 30.18 to 47, indicating potential rebound from oversold territory. However, this technical rally failed to breach the psychological RSI level of 51—the initial threshold for buyer dominance.
This suggests that while selling pressure has eased, the market lacks sufficient confidence to push prices upward. Buyers appear to be waiting for stronger confirmation before aggressive entry.
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Whales Begin Exiting: A Warning Sign?
On-chain data from Santiment reveals a gradual decline in large wallets holding at least 1 billion SHIB—dropping from 10,259 to 10,231 wallets since June 11. Though seemingly minor, this trend signals slow distribution by major investors, often indicating weakening long-term support.
Whale selling could trigger sharp declines if retail buying interest doesn’t compensate.
Support Holds, But EMA Still Pressures Price
SHIB's price currently clings to crucial support at $0.0000119. However, the short-term Exponential Moving Average (EMA) remaining below the long-term EMA underscores persistent downward pressure.
If support breaks, the next target is $0.0000114. Conversely, a breakout above $0.0000128 resistance could open paths to $0.0000136 or even $0.0000146—provided buying volume spikes dramatically.
Market Hesitates Amid Uncertain Momentum
SHIB now treads a critical zone, caught between strong support and technical resistance. While bullish signals emerge, they lack the strength for a confirmed breakout. Without institutional or whale momentum, recovery potential remains limited.
Traders should stay alert. This uncertainty may swiftly turn into opportunity or trap, depending on near-term market direction.
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Conclusion
Shiba Inu shows recovery signs but lacks the vigor to ignite a new bullish trend. The RSI rise remains unconfirmed by price breakout, while whale exits heighten downside risks. Traders should monitor key support/resistance levels closely—breakouts with heavy volume may offer profit chances, but broken support warrants patience for better opportunities.
FAQ
- Why is SHIB falling despite rising RSI?
RSI growth signals short-term recovery but doesn’t guarantee price hikes if market sentiment stays weak. EMA pressure and whale selling can offset gains. - What are SHIB’s key support/resistance levels?
Support: $0.0000119 (prevents further drops). Resistance: $0.0000128 (limits upward moves). - Is declining whale count bad for SHIB?
Short-term, yes. Fewer whales may indicate asset distribution, weakening buy power during volatility. - When’s the best time to buy SHIB?
Ideal when RSI surpasses 51 and price breaks $0.0000128 with high volume. If support fails, await new trend confirmation. - Why is EMA important for SHIB traders?
EMA tracks price trends via weighted averages. Short-term EMA below long-term EMA signals ongoing bearishness.
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