The Shiba Inu (SHIB) price finally broke out from a 560-day descending resistance trend line and is attempting to close above it.

Despite the long-term breakout, SHIB faces resistance on the lower timeframes.

SHIB Finally Breaks Out From Long-Term Resistance

The weekly time frame technical analysis shows that the SHIB price broke out from a descending resistance trend line. This trend line had existed for 560 days, successfully rejecting Shiba Inu’s price thrice.

On February 20, SHIB was able to breach such a massive resistance zone and reach a high of $0.00000147 before falling slightly. This was the highest price since February 2023, and SHIB has yet to reach a weekly close above it.

The weekly Relative Strength Index (RSI) supports the breakout. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

Go to Source to See Full Article
Author: Valdrin Tahiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details