Shiba Inu (SHIB) price continues to show high volatility amid mixed technical signals. With a 19.01% gain in the past seven days, SHIB maintains its position as the second-largest meme coin by market cap, trailing only Dogecoin (DOGE).

The coin’s technicals paint a complex picture, with RSI cooling off from overbought levels and decreasing whale accumulation suggesting potential short-term corrections. However, strong EMA indicators still leave room for significant upside potential, making SHIB’s next price move particularly crucial for traders.

SHIB RSI Is Down From Overbought

SHIB’s RSI (Relative Strength Index) decline from 85 to 51.8 indicates a significant cooling off in buying momentum. When RSI was at 85, it showed SHIB was heavily overbought, with buyers dominating the market.

The current RSI of 51.8 suggests a more balanced market, where buying and selling pressures have equalized following a period of traders’ profit-taking.

The historical RSI of nearly 90 during SHIB’s peak at $0.000033 represented an extreme overbought condition that was unsustainable. The current drop to 51.8 suggests a healthy consolidation phase rather than a trend reversal, as readings between 40-60 typically indicate stable market conditions.

While this cooling off might lead to a short-term price correction, it doesn’t necessarily signal the end of the uptrend. It allows for more sustainable price growth by preventing market exhaustion.

Whales Are Not Accumulating Shiba Inu

The declining number of SHIB whales indicates large holders are taking profits or reducing exposure during recent price increases.

Whales, who can significantly impact the market due to their large holdings, often set market trends that smaller investors follow. Their gradual exit suggests caution about SHIB’s current valuation le

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Author: Tiago Amaral