Shiba Inu Breaks 560-Day Resistance, What's Next?
Date: 2024-03-03 Author: Dima Zakharov Categories: BLOCKCHAIN
Shiba Inu Overcomes Long-Term Resistance
Shiba Inu (SHIB) has achieved a significant milestone by breaching a 560-day resistance trendline. Despite this breakthrough, SHIB faces resistance on shorter timeframes.
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A technical analysis of the weekly timeframe indicates that SHIB's price has successfully surpassed the descending resistance trendline after four attempts. This trendline had persisted for 560 days. On February 20, the meme coin reached a peak of $0.00000147, though it slightly declined without closing the week above this mark.
Weekly Relative Strength Index (RSI) Supports Breakthrough
The weekly RSI has surged above 70, signaling a bullish trend and supporting the breakthrough.
SHIB Price Forecast: Is the Breakout Confirmed?
Analyzing the daily timeframe reveals that despite the breakthrough, SHIB's price has not yet moved beyond the long-term ascending parallel channel. Nevertheless, the daily RSI has risen above 70, providing hope for further growth among SHIB holders.
Potential Growth and Decline Scenarios
If SHIB breaches the upper channel boundary, it could surge by 35% to the next resistance level at $0.0000180. However, deviation from the trendline may lead to a 15% decline towards the middle channel at $0.0000110.
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