Despite ongoing price consolidation in Shiba Inu (SHIB), the second-largest crypto meme coin by market cap has attracted significant attention from crypto giants, according to on-chain analytics firm IntoTheBlock. On December 18, 2024, IntoTheBlock disclosed that SHIB’s large transaction volume surged by 238.58% in the last 24 hours.
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Shiba Inu (SHIB) Bearish Perspective
The notable surge in volume coincided with selling pressure and the formation of a bearish price pattern near a resistance level for SHIB. This bearish outlook emerged even as major cryptocurrencies like Bitcoin (BTC) and XRP saw significant upward movements.
SHIB Technical Analysis and Future Level
Based on CoinPedia’s technical analysis, SHIB has developed a bearish inverted cup and handle pattern on the daily chart and is on the brink of a breakdown. However, this level has historically been a support zone for the meme coin.
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If SHIB breaks below the bearish pattern and closes a daily candle under $0.0000258, there is a possibility of a 20% decline to $0.0000206 in the near future.
While SHIB has been in a period of consolidation for over a month without significant price movement, recent actions suggest a potential downward trend and selling pressure in the days ahead.
On a positive note, SHIB’s Relative Strength Index (RSI) is at 55, indicating that there is still room for upward movement in the coming days.
Current Price Movement
Currently trading around $0.000026, SHIB has seen a 2.65% decrease in the last 24 hours. The decline in trading volume by 17% suggests reduced activity among traders and investors in light of the bearish sentiment.
