Shiba Inu (SHIB) Price Prediction for December 18
While the price of Shiba Inu (SHIB) continues to consolidate, the popular second-largest crypto meme coin by market capitalization has received significant attention from crypto giants, reports on-chain analytics firm IntoTheBlock. Today, December 18, 2024, Enter the neighborhood According to reports, SHIB’s large transaction volume surged 238.58% in the past 24 hours.
Shiba Inu (SHIB) Bearish Outlook
This significant volume came as SHIB began to come under selling pressure and formed a bearish price action pattern near resistance. However, the bearish outlook for meme coins comes at a time when major cryptocurrencies such as Bitcoin (BTC) and XRP are seeing significant gains.
SHIB Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, SHIB has formed a bearish inverted cup-and-handle price action pattern on the daily chart and is currently on the verge of collapse. However, this is the resistance level for the meme coin to form this price action pattern.
Based on historical price momentum, if SHIB Breaking out of the bearish pattern and closing below $0.0000258 levels, a 20% decline to $0.0000206 levels is very likely in the coming days.
However, SHIB has not seen a significant price increase or decrease in more than a month; prices appear to be in a continuing consolidation. But recent price action points to potential downside momentum, selling pressure, and price declines in the coming days.
On the positive side, SHIB’s relative strength index (RSI) currently stands at 55, indicating that it remains below overbought territory. This technical indicator suggests the asset has plenty of room to surge in the coming days.
Current Price Momentum
Currently, SHIB is trading close to $0.000026, with the price falling by 2.65% in the past 24 hours. During the same period, its trading volume fell by 17%, indicating reduced participation from traders and investors amid the bearish outlook.
