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 the on-chain analytics firm IntoTheBlock. Today, December 18, 2024, IntoTheBlock revealed that the large transaction volume of SHIB has skyrocketed by 238.58% in the past 24 hours.
Shiba Inu (SHIB) Bearish Outlook
This notable volume appeared as SHIB began experiencing selling pressure and the formation of a bearish price action pattern near a resistance level. However, the meme coin’s bearish outlook emerged during a period when major cryptocurrencies like Bitcoin (BTC) and XRP witnessed notable upside rallies.
SHIB Technical Analysis and Upcoming Level
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. However, this is a resistance level where the meme coin has formed this price action pattern.
Based on historical price momentum, if SHIB breaks down from the bearish pattern and closes a daily candle below the $0.0000258 level, there is a strong possibility it could drop by 20% to reach the
