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Shiba Inu (SHIB) rebounds from recent lows as RSI rises, but rejection near key levels shows bullish momentum remains fragile.
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Whale wallet count continues to decline, signaling possible weakening support from large holders and reduced long-term confidence.
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SHIB holds vital support near $0.0000119, but bearish EMAs limit upside potential while price stays trapped between key zones.
Shiba Inu shows tentative recovery as RSI improves and key support holds, but declining whale wallets and bearish EMAs suggest cautious outlook.
Shiba Inu Momentum Improves, But RSI Rejection Signals Caution
Shiba Inu has seen a shift in momentum, with its Relative Strength Index (RSI) rising to 47 from 30.18 just three days ago, signaling a recovery from near-oversold conditions.
However, it’s worth noting that SHIB failed to break above the 51 RSI mark yesterday, suggesting that bullish momentum remains fragile for now.
While the recent bounce reflects easing selling pressure, the inability to push into clearly bullish territory indicates ongoing hesitation among buyers.
SHIB RSI. Source: TradingView.
The RSI, or Relative Strength Index, is a momentum oscillator that gauges the speed and magnitude of price changes, helping identify overbought or oversold conditions.
Readings below 30 point to oversold levels, while values above 70 suggest overbought territory. With SHIB’s RSI now sitting at 47, the asset remains in a neutral zone—neither overextended nor deeply discounted.
This mid-range positioning leaves room for either a breakout or a reversal, depending on how price action develops around current resistance and support levels.
Decline in SHIB Whales Signals Potential Weakness Ahead
The number of Shiba Inu whales—wallets holding at least 1 billion tokens—has been gradually declining since June 11, falling from 10,259 to 10,231.
While the drop may seem modest, it reflects a slow but steady reduction in large holder participation, which 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.
Addresses holding at least 1 billion SHIB. Source: Santiment.
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.
SHIB Holds Key Support, But Bearish EMAs Keep Bulls in Check
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.
SHIB Price Analysis. Source: TradingView.
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.
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.
