The Shiba Inu (SHIB) price has decreased since December 17, when it failed to break out from an ascending parallel channel.

While the SHIB price trades above a long-term resistance area, short-term readings show weakness despite a 7.5 million token burn in the last 24 hours.

Shiba Inu Closes Above Resistance

The technical analysis of the weekly time frame shows that the SHIB price has increased steadily since June, when it was trading at a low of $0.0000054. The upward movement accelerated after the price created a higher low in October.

After three unsuccessful attempts (red icons), SHIB broke out from a 475-day descending resistance trend line in December. Then, it moved and closed above an important horizontal resistance area.

It is also worth mentioning that more than 7,500,000 SHIB tokens have been burned in the past 24 hours alone. Also, the total value locked (TVL) in Shibarium surpassed $1 million.

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Author: Valdrin Tahiri

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