Will Shiba Inu (SHIB) find its footing after burning 7.5 million tokens?

Shiba Inu has successfully broken above a key resistance level, signaling a bullish trend. The weekly timeframe shows a steady rise in price since June, with an acceleration after forming a rising low in October. The breakout above the descending resistance line and the close above the horizontal resistance area further support the bullish sentiment. Additionally, the RSI is above 50 and moving upward, indicating strength in the market. It’s worth noting that a significant number of SHIB tokens have been burned in the past 24 hours, and the total value of assets locked in Shibarium has reached over $1 million. However, on the daily chart, there are indications of a price correction. SHIB was rejected by the ascending parallel channel resistance line and made a declining high. The daily RSI also formed a bearish divergence, suggesting a decrease in momentum. This suggests the possibility of a pullback, with the nearest support area around $0.0000095. However, if SHIB manages to break out of the channel, it could potentially rise to the next resistance at $0.0000150, a 40% increase. Keep an eye on further price movements to determine the next direction for SHIB.