Shiba Inu (SHIB) is presently in a bullish setup, as indicated by its positioning above all EMA lines. However, the close proximity of these averages suggests that bullish momentum is not exceptionally strong. Whale activity remains steady, indicating hesitancy among large holders.
The Relative Strength Index (RSI) for SHIB is neutral, currently at 55.62, down from over 70. This drop signifies a stabilization within the market and shows that the intense buying pressure has diminished, bringing SHIB out of the overbought territory.
Whale movements have also shown stability, with the number of holders of at least 1 billion SHIB tokens staying about 11,000. This indicates no major accumulation or distribution activities, suggesting whales may be waiting for clearer market signals before taking significant actions.
Currently, SHIB’s EMA lines depict a bullish trend, with short-term EMAs positioned above long-term ones. While this setup generally indicates upward momentum, the narrow gaps between the EMAs suggest a lack of strong bullish momentum.
If the bullish trajectory picks up, SHIB could move toward higher resistance levels, aiming for $0.00002171. On the other hand, a weakening trend might see SHIB testing support levels at $0.00001758 or lower.
