Shiba Inu (SHIB) has been in the spotlight recently, despite facing ongoing price consolidation. The popular meme coin, which is the second-largest crypto meme coin by market cap, has attracted the attention of crypto giants, according to on-chain analytics firm IntoTheBlock. On December 18, 2024, IntoTheBlock reported that SHIB’s large transaction volume had surged by an impressive 238.58% in the past 24 hours.
The surge in transaction volume comes at a time when SHIB is facing selling pressure and showing signs of a bearish outlook. This bearish trend is occurring even as major cryptocurrencies like Bitcoin (BTC) and XRP are experiencing notable upside rallies.
Technical analysis of SHIB indicates that the coin has formed a bearish inverted cup and handle pattern on the daily timeframe. The coin is currently hovering near a resistance level where this pattern has formed, signaling a potential breakdown. If SHIB closes below the $0.0000258 level, there is a possibility that it could drop by 20% to reach the $0.0000206 level in the near future.
Despite the potential downside momentum, there are some positive indicators for SHIB. The Relative Strength Index (RSI) for SHIB is currently at 55, indicating that the coin is not yet in the overbought territory. This suggests that there is still room for SHIB to increase in value in the coming days.
As of now, SHIB is trading around $0.000026, with a 2.65% decline in price over the past 24 hours. The trading volume has also decreased by 17%, signaling lower participation from traders and investors amidst the bearish outlook.
Overall, SHIB’s future trajectory remains uncertain, with the potential for further price declines in the short term. However, with the crypto market constantly evolving, it is essential for investors to stay informed and monitor the latest developments to make informed decisions about their investments.