Despite Bullish Breakout, Shiba Inu (SHIB) Fails to Gain. Further trend may depend on two important levels
The popular meme coin SHIB, created by the Shiba Inu project, is an ERC-20 token and one of the main rivals of Dogecoin.
The results of the technical analysis of the weekly chart show that the rate of the SHIB coin cannot decide on the direction. The price broke through the descending resistance line and turned it into support (green icon), but failed to consolidate this growth.
In addition, the weekly RSI is directly in the 50 region, indicating an indecision in the trend.. In this regard, it makes sense to familiarize yourself with shorter timeframes.
Daily Chart Supports Prospects for Substantial Rise in SHIB. Here the price broke through the short-term descending resistance line, supporting the weekly timeframe signals.
Meanwhile, wave analysis also promises a strengthening of the token. Starting from January, SHIB completed the formation of a five-wave bullish structure, and then an ABC correction, which ended at the Fibo support level of 0.786 correction.
However, despite the bullish breakout, the Shiba Inu price failed to launch a significant increase.. If the bulls still go on the offensive, memcoin may head towards the $0.0000122 resistance area. If SHIB engulfs the March low at $0.0000096, this will cancel out the bullish wave scenario and could trigger a fall towards $0.0000080.
Thus, it was expected that the bullish price breakout should have led to a significant rally, but so far this has not happened.. The direction of the further trend will depend on whether the price makes a rising low or falls below $0.0000096.
A rising low could encourage bulls to break above the $0.0000122 resistance area, while a decline would target SHIB lows around $0.0000080.