Market Insights: SHIB Price Prediction for December 18 – Technical Analysis and Market Dynamics
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2 min read
**Shiba Inu (SHIB) Price Prediction for December 18**
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 on-chain analytics firm IntoTheBlock. Today, December 18, 2024, IntoTheBlock revealed that large transaction volume of SHIB has skyrocketed by an astounding 238.58% in the past 24 hours.
**Bearish Outlook Emerges**
This notable volume appeared as SHIB began experiencing selling pressure and the formation of a bearish price action pattern near a resistance level. Interestingly, this bearish outlook emerged during a period when major cryptocurrencies like Bitcoin (BTC) and XRP witnessed notable upside rallies.
**Technical Analysis Suggests Potential Drop**
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. Historical price momentum suggests that if SHIB breaks down from this pattern and closes a daily candle below $0.0000258, there is a strong possibility it could drop by 20% to reach $0.0000206 level in the coming days.
**RSI Suggests Room for Upside Momentum**
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 Dynamics and Trading Volume**
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 an alarming 17%, indicating lower participation from traders and investors amid this bearish outlook.
The article provides a detailed analysis of Shiba Inu’s (SHIB) recent market dynamics, shedding light on its price prediction for December 18.
Source: coinpedia.org
