$SHIB Shiba Inu (SHIB) is beginning to recover from recent lows: its RSI is rising, and key support levels remain stable. However, the meme coin still faces pressure from bearish EMAs.
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 failed to break above the 51 RSI mark 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 wavering among buyers.
This position leaves room for a breakout or reversal, depending on the price dynamics around current levels of resistance and support.
Meme coin whales are retreating
The number of Shiba Inu whales—wallets holding 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.
Consistent declines in whale activity are often associated with reduced support during periods of volatility, making SHIB more vulnerable to price swings.
The reduction of wallets among major SHIB holders may indicate that investors are locking in profits or hedging against a potential downturn.
If this trend continues, pressure on the SHIB price will increase, especially if retail investors cannot compensate for 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. 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 could challenge resistance at $0.0000128. A breakout of this barrier would open the way to $0.0000136 or even $0.0000146.
