Shiba Inu Price at 16-Month Resistance Faces 20% Downside Risk, But There’s a Catch

In December, the second-largest memecoin Shiba Inu, showed resilience against the broader market’s uncertainty by embarking on a steady recovery. The month began with the coin valued at $0.0000085, and it experienced a notable surge of 44.85%, reaching a recent peak of $0.0000115. However, this uptrend encountered a significant obstacle at the resistance trendline of a long-established falling wedge pattern. This development brought in substantial supply pressure, potentially steering Shiba Inu towards a new correction phase.