The Shiba Inu (SHIB) price finally broke out from a descending resistance trend line that had been in place since the start of the year.
Despite the breakout, the SHIB price was rejected by a horizontal resistance area. Can it regain its footing and move above it?
Shiba Inu Finally Breaks out From Resistance
The daily time frame technical analysis shows that the SHIB price had fallen under a descending resistance trend line since January.
The decrease culminated with a low of $0.0000048 on June 10. Afterward, it created a long lower wick, initiating an upward movement.
After four unsuccessful breakout attempts (red icons), the SHIB price finally broke out from the trend line on Dec. 3. It reached a pivotal resistance area before falling slightly.
With the Relative Strength Index (RSI) as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
Bulls have an advantage if the RSI reading is above 50 and the trend is upward, but if the reading is below 50, the opposite is true.
The daily RSI is increasing and is above 50, both signs of a bullish trend.
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Author: Valdrin Tahiri
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