Shiba Inu, the popular memecoin, has recently broken through a significant resistance level on the weekly timeframe. Despite this breakthrough, the price has not seen much increase and is currently holding close to the resistance line. It is also worth noting that the rate of burning SHIB tokens has significantly decreased in the last 24 hours.
On the other hand, the RSI momentum indicator has shown a bullish confirmation, as it rose above the neutral 50 mark during the price breakout.
Looking at the daily timeframe, there may be a potential price correction. SHIB has bounced off the resistance line of an ascending parallel channel and formed a declining high, indicating a bearish signal. Additionally, there is a bearish divergence in the daily RSI, suggesting a possible correction.
If the price continues to fall, the immediate support level is expected to be around $0.0000095, which is approximately 10% below the current price.
However, if SHIB breaks out of the channel in a bullish manner, it could potentially push the price up by 42%, with the next resistance level at $0.0000150.
As always, these forecasts are subject to market dynamics and should be analyzed with caution.
Source: TradingView
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