Shiba Inu (SHIB) price forecast for December 18
Despite the continued price consolidation of Shiba Inu (SHIB), the popular second-largest crypto meme coin by market capitalization has gained attention from the crypto giant, according to on-chain analytics firm IntoTheBlock. Today, December 18, 2024, IntoTheBlock revealed that SHIB's peak trading volume has increased by 238.58% in the last 24 hours.
Shiba Inu (SHIB) Bearish Outlook
This significant volume appeared when SHIB started to experience selling pressure and a price action pattern near the resistance level. However, the meme coin's bullish attitude emerged at a time when major cryptocurrencies such as Bitcoin (BTC) and XRP saw significant upside rallies.
SHIB technical analysis and upcoming level
According to CoinPedia's technical analysis, SHIB has formed a cup-shaped and inverted cup on the daily time frame and is currently bearish. However, this is the resistance level at which Memcoin has created this price action pattern.
Based on the historical price movement, if SHIB breaks out of the bearish pattern and closes the daily candle below the $0.0000258 level, there is a strong possibility that it may decline by 20% to reach the $0.0000206 level in the coming days.
However, it has been more than a month since SHIB experienced any significant rise or fall in prices. It appears that prices are continuing to consolidate. But the recent price action indicates the downside potential, selling pressure and further price cuts 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 grow in the coming days.
Current price momentum
SHIB is currently trading at around $0.000026 and has experienced a 2.65% price drop in the last 24 hours. During the same period, the trading volume decreased by 17 percent, indicating low participation of traders and investors.
