Shiba Inu (SHIB) has turned heads with an impressive 153.3% yearly price increase, but recent activity raises questions about its near-term potential for further growth. Over the past 24 hours, SHIBâs trading volume hit $706,132,645âmarking a 22.60% decline from the previous day. This signals reduced market activity. While some investors speculate about a 100% price rally, the outlook may not be straightforward.
Technical analysis from CoinPedia reveals that $SHIB
has formed a bearish inverted cup-and-handle pattern on the daily chart while nearing a critical breakdown point. If SHIB falls below the $0.0000258 level and confirms the pattern by closing a daily candle, analysts warn of a potential 20% drop, targeting the $0.0000206 level. Recent price consolidation over the past month and selling pressure suggest limited momentum for a significant upward move in the near term.
On the brighter side, SHIBâs Relative Strength Index (#RSI ) sits at 46.92, indicating it has not yet reached overbought territory. This leaves some room for recovery, offering hope for a potential rebound. However, for SHIB to regain bullish momentum, it must break through resistance levels and overcome the prevailing bearish indicators. This may be a challenging feat in the current market climate.