According to the latest report from on-chain analytics firm IntoTheBlock, although the price of Shiba Inu (SHIB) is still oscillating, this popular second-largest crypto meme coin has attracted significant attention from crypto giants. Today is December 18, 2024, and IntoTheBlock's released data shows that SHIB's trading volume surged by 238.58% in the last 24 hours, undoubtedly injecting new vitality into the market.
Source: IntoTheBlock
Bearish Outlook for Shiba Inu (SHIB)
This significant trading volume appeared when SHIB began to face selling pressure and formed a bearish price action pattern near the resistance level. However, the bearish outlook for this meme coin emerged during a time when major cryptocurrencies like Bitcoin (BTC) and XRP were experiencing noticeable upward rebounds.
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 time frame and is currently on the verge of collapse. However, this is a resistance level for meme coins to form such price action patterns.
According to the latest market dynamics, SHIB (Shiba Inu) is at a critical technical juncture. If the price breaks below the bearish pattern on the daily chart and closes below $0.0000258, there may be a 20% downside risk in the coming days, targeting $0.0000206. However, it is worth noting that SHIB has not seen significant fluctuations for over a month and currently appears to be in a price consolidation phase.
Despite recent trends showing some downward pressure and a selling trend, technical indicators suggest that SHIB still retains a certain rebound potential. Currently, the Relative Strength Index (RSI) is at 55, indicating it is still below the overbought zone, suggesting there may be room for upward movement in the short term. Therefore, investors can pay attention to the upcoming trends to seize potential opportunities.
Overall, the future trend of SHIB is filled with uncertainty, and it may face challenges in the short term, but it could also experience a rebound at the right moment. It is advisable for everyone to closely monitor market changes and adjust strategies in a timely manner!
Current Price Momentum
With more and more investors focusing on this cryptocurrency, can SHIB rise again in the market? Let's wait and see what happens next!
Currently, SHIB's trading price hovers around $0.000026, having slightly decreased by 2.65% in the past 24 hours. This fluctuation has attracted considerable attention, especially as trading volume has also declined by 17%. Clearly, in a market sentiment leaning toward bearishness, the activity level of investors and traders has weakened.
In the face of such market conditions, SHIB holders may need to be more cautious, constantly monitoring market dynamics and potential opportunities.
