Price Prediction for Shiba Inu (SHIB) on December 18th

Despite the continuous price consolidation of Shiba Inu (SHIB), the second largest meme cryptocurrency by market capitalization has attracted significant attention from cryptocurrency whales, according to the report by the blockchain analysis company IntoTheBlock. Today, on December 18, 2024, IntoTheBlock revealed that the large trading volume of SHIB has surged by 238.58% in the past 24 hours. #Write2Win # Prospect of Shiba Inu (SHIB) Price Decrease This significant volume appeared as SHIB began to experience selling pressure and formed a price action pattern near the resistance level. However, the downside potential of this meme coin appeared during a period when major cryptocurrencies like Bitcoin (BTC) and XRP witnessed significant price increases. Technical Analysis of SHIB and the Upcoming Level According to CoinPedia's technical analysis, SHIB has formed a cup and handle pattern and a bearish reversal on the daily timeframe and is now on the verge of collapse. However, this is a resistance level that the meme coin has formed this price pattern.

Based on historical price action, if SHIB breaks the downtrend pattern and closes daily candle below $0.0000258, there's a high probability that the price will drop 20% to $0.0000206 in the coming days. However, it has been over a month since SHIB has undergone any significant price increase or decrease; it seems like the stock price is in a continuous consolidation process. However, recent price movements indicate underlying selling pressure, and the price will decline in the coming days. On the positive side, SHIB's Relative Strength Index (RSI) is currently at 55, indicating that it is still below the overbought zone. This technical indicator shows that the asset has enough room to soar in the coming days. Current Price Momentum Currently, SHIB is trading at around $0.000026 and has decreased by 2.65% in the past 24 hours. During the same period, its trading volume has decreased by 17%, indicating less participation from traders and investors amid price decline prospects. DYOR! Write&Earn $SHIB {spot}(SHIBUSDT)