Will Shiba Inu (SHIB) Have a Bullish Breakout in March?

Shiba Inu tries to break through long-term resistance

The weekly timeframe shows that the popular memecoin is trying to break through a descending resistance line that is almost 570 days old. The price bounced from this trend line three times (red icons).

Despite the growth, SHIB failed to close the week above the trend line. In addition, the token is trading inside a long-term horizontal resistance area that has been present on the chart for almost a year.

Source: TradingView

Although the price has not yet completed the breakout, the relative strength index (RSI) is already bullish. It is above the neutral level of 50 and rising, indicating an upward trend.

SHIB forecast: will the breakthrough be successful

The daily chart promises a successful bullish breakout for SHIB price. Price dynamics show that the coin is trading inside long-term and short-term ascending parallel channels. The price is trying to break through the middle line of the long-term channel and the resistance of the short-term channel (red icon).

The daily RSI also supports the breakout, it is above 50 and moving up. If successful, Shiba Inu could rise almost 25% to the long-term channel resistance line at $0.0000128.

Source: TradingView

Despite the bullish outlook, failure of SHIB to break out of the short-term channel could trigger a 25% decline to the long-term channel support line at $0.0000080.

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