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Shiba Inu (SHIB) Price: Bullish Trend or Temporary Stability?

Shiba Inu (SHIB) is currently trending upward, trading above all exponential moving averages (EMAs), suggesting a bullish setup.

However, the narrow spacing between these EMAs implies that while the uptrend exists, it lacks strong momentum. With whale activity holding steady, SHIB’s path forward may depend on whether demand picks up or market signals change.

https://twitter.com/ShibainuCoin/status/1845923392102256705

Shiba Inu Price Holding Above Key EMAs

SHIB has maintained a bullish alignment with its price positioned above all EMA lines, a setup typically seen in upward trends. This positive positioning indicates growing support from traders. Despite this setup, the EMAs are spaced closely, which hints at a trend that isn’t particularly strong. For SHIB to rally, momentum will need to build to push past upcoming resistance levels.

SHIB RSI. Source: TradingView

Whale Activity Remains Steady

An important factor in the Shiba Inu market is whale activity. The number of wallets holding at least 1 billion SHIB tokens has stayed around 11,000, indicating a steady but cautious stance among large holders. Typically, whale accumulation suggests confidence in future price gains, while selling could apply downward pressure on the token. However, this stability hints that whales may be awaiting clearer market signals.

Holders with at least 1 billion SHIB. Source: Santiment

Shiba Inu RSI Reflects Neutral Sentiment

The Relative Strength Index (RSI) for Shiba Inu currently sits at 55.62, down from over 70 just a few days ago. This decline indicates that buying pressure has lessened, pulling SHIB out of overbought territory and into a more neutral zone. The RSI measures price momentum, ranging from 0 to 100; above 70 indicates overbought, while below 30 signals oversold conditions. At a balanced 55.62, SHIB is showing neither strong buying nor selling pressure, potentially signaling stability before a major move.

SHIB EMA Lines and Support and Resistance. Source: TradingView

Price Prediction: Will SHIB Test Higher Resistance?

If the current bullish trend continues, SHIB’s price may aim for resistance at $0.00001959. A breakthrough here could lead to a push towards $0.00002171, marking an 18% potential gain. However, if SHIB’s momentum weakens, the price may fall back to support levels at $0.00001758 or even $0.00001583.

As Shiba Inu holds its ground above key EMAs, traders are watching for signs of stronger momentum. Will SHIB break through to new highs, or will market hesitation lead to a reversal?

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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