Shiba Inu (SHIB) Price Prediction for December 18

Regardless of the continuing value consolidation in Shiba Inu (SHIB), the favored second-largest crypto meme coin by market cap has obtained important consideration from crypto giants, as reported by on-chain analytics agency IntoTheBlock. At present, December 18, 2024, InTheBlok revealed that SHIB’s giant transaction quantity elevated by 238.58% previously 24 hours.

Shiba Inu (SHIB) bearish outlook

This notable quantity appeared as SHIB started experiencing promoting strain and the formation of a bearish value motion sample close to a resistance degree. Nonetheless, the meme coin’s bearish outlook emerged at a time when main cryptocurrencies akin to Bitcoin (BTC) and XRP witnessed notable upward rallies.

SHIB technical evaluation and upcoming degree

Based on CoinPedia’s technical evaluation, SHIB has fashioned a bearish inverse cup and value motion sample on the day by day time-frame and is at present on the verge of a collapse. Nonetheless, this can be a resistance degree the place the meme coin has fashioned this value motion sample.

Primarily based on the historic value momentum, if SHIB breaks the bearish sample and closes a day by day candle beneath the $0.0000258 degree, there’s a sturdy risk that it might decline by 20% to achieve the $0.0000206 degree within the coming days.

Nonetheless, it has been greater than a month since SHIB has skilled a major value improve or lower; it seems that there’s ongoing value consolidation. However the latest value motion alerts potential draw back momentum, promoting strain and a value decline within the coming days.

On the upside, SHIB’s Relative Energy Index (RSI) at present stands at 55, indicating it’s nonetheless beneath overbought territory. This technical indicator means that the asset has loads of room to rise within the coming days.

Present value momentum

At present buying and selling round $0.000026, SHIB has skilled a 2.65% decline within the final 24 hours. Throughout the identical interval, buying and selling quantity fell 17%, indicating decrease participation from merchants and buyers amid bearish outlook.