Despite ongoing price consolidation in Shiba Inu (SHIB), the popular second-largest crypto meme coin by market cap has gained significant attention from crypto giants, as reported by the on-chain analytics firm IntoTheBlock. Today, December src8, 2024, IntoTheBlock revealed that the large transaction volume of SHIB has skyrocketed by 238.58% in the past 24 hours.
Source: IntoTheBlock Shiba Inu (SHIB) Bearish Outlook This notable volume appeared as SHIB began experiencing selling pressure and the formation of a bearish price action pattern near a resistance level. However, the meme coin’s bearish outlook emerged during a period when major cryptocurrencies like Bitcoin (BTC) and XRP witnessed notable upside rallies.
SHIB Technical Analysis and Upcoming Level According to CoinPedia’s technical analysis, SHIB has formed a bearish inverted cup and handle price action pattern on the daily time frame and is currently on the verge of a breakdown. However, this is a resistance level where the meme coin has formed this price action pattern.
Source: Trading View Based on historical price momentum, if SHIB breaks down from the bearish pattern and closes a daily candle below the $0.0000258 level, there is a strong possibility it could drop by 20% to reach the $0.0000206 level in the coming days.
However, it has been more than a month since SHIB has experienced any significant price gain or drop; it seems to be in continuous price consolidation. But the recent price action indicates potential downside momentum, selling pressure, and a price decline in the coming days.
On the positive side, SHIB’s Relative Strength Index (RSI) currently stands at 55, indicating that it is still below the overbought area. This technical indicator suggests that the asset has enough room to soar in the coming days.
Current Price Momentum Currently, SHIB is trading near $0.000026 and has experienced a price decline of 2.65% in the past 24 hours. During the same period, its trading volume dropped by src7%, indicating lower participation from traders and investors amid a bearish outlook.
We’d Love to Hear Your Thoughts on This Article! Was this writing helpful?
Read More