Summary
TLDR: Shiba Inu (SHIB) is attempting to break out from a descending resistance line after 570 days. Weekly and daily charts show bullish signs with RSI readings above 50 and increasing. Successful breakout could lead to a 25% increase, but failure could result in a 25% decrease.
Key Points
1. The Shiba Inu (SHIB) price is making its fourth attempt at breaking out from a descending resistance line that existed for 570 days.
2. SHIB trades close to a confluence of diagonal resistance levels in the short term, raising questions about whether it will break out.
3. The Relative Strength Index (RSI) is already bullish, indicating a potential bullish trend if the price successfully breaks out from the resistance levels.