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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 18, 2024, IntoTheBlock revealed that the large transaction volume of SHIB has skyrocketed by 238.58% in the past 24 hours.
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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.
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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.
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Source: coinpedia.org
