Shiba Inu (SHIB) is beginning to recover after recent lows: its RSI is rising, and key support levels remain stable. However, the memecoin is still facing pressure from bearish EMAs.
Let's examine what is happening in the Shiba Inu (SHIB) market and what to expect from the cryptocurrency's price.
Shiba Inu investors are acting cautiously.
Shiba Inu is showing a change in momentum as the Relative Strength Index (RSI) rose to 47 from 30.18 just three days ago, signaling a recovery from nearly oversold conditions. However, SHIB was unable to break above the 51 mark on the RSI yesterday, indicating that bullish momentum remains fragile for now.
The recent bounce shows a weakening of selling pressure, but the inability to enter clearly bullish territory indicates ongoing fluctuations among buyers.
This position leaves room for a breakout or reversal, depending on the price dynamics around current resistance and support levels.
Memecoin whales are retreating.
The number of Shiba Inu whales — wallets with at least 1 billion tokens — has been gradually decreasing since June 11, falling from 10,259 to 10,231. This trend reflects a slow but steady reduction in the participation of large holders, which may signal a weakening of confidence among major players.
A persistent decline in whale activity is often associated with reduced support during periods of volatility, making SHIB more vulnerable to price swings.
The reduction in wallets of major SHIB holders may indicate that investors are taking profits or protecting themselves against a potential decline. If this trend continues, pressure on the SHIB price will increase, especially if retail investors cannot offset the outflow of large holders.
Bearish EMAs are holding back the bulls.
The price of Shiba Inu recently held a key support level at $0.0000119, which prevents it from deeper declines. The Exponential Moving Averages (EMAs) remain in a bearish configuration: short-term EMAs are below long-term ones, indicating ongoing pressure.
If SHIB loses this support, it could drop to the next critical level at $0.0000114, leading to further declines.
However, if sentiment changes and SHIB manages to gain upward momentum, the price may challenge resistance at $0.0000128. Breaking through this barrier would open the way to $0.0000136 or even $0.0000146.
