The Shiba Inu (SHIB) price is currently attempting its fourth breakout from a descending resistance line that has been in place for 570 days. In the short term, SHIB is trading near a convergence of diagonal resistance levels, raising the question of whether it will successfully break out. Technical analysis on the weekly timeframe suggests that SHIB is on the verge of breaking above the long-standing descending resistance trend line, despite facing three previous rejections. The price is also testing a long-term horizontal resistance area that has been in place for nearly a year. Nevertheless, the Relative Strength Index (RSI) is showing bullish signals, indicating a potential upward momentum. On the daily chart, SHIB is trading within both a long- and short-term ascending parallel channel, with indications pointing towards a breakout. The daily RSI is above 50 and moving upwards, supporting the bullish breakout scenario. If successful, SHIB could see a significant increase to around $0.0000128. However, failure to break out could result in a 25% decrease to $0.0000080. Trading decisions should be made with caution and based on individual risk assessment. Read more AI-generated news on: https://app.chaingpt.org/news

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