Shiba Inu is facing a 570-day resistance line on its fourth approach and is trading close to the confluence of diagonal resistance levels. It remains to be determined whether a bullish breakout can be expected.

Shiba Inu is trying to break through long-term resistance.

Analysis on the weekly timeframe shows that this popular memcoin is trying to overcome the downward resistance line, which has existed for almost 570 days. Three times the price returned to this trend line.

Despite the confident movements, SHIB has not yet managed to close the week above this line. In addition, the token is located inside the long-term horizontal resistance zone, which has been present on the chart for about a year.

Although the breakout has not yet been completed, the relative strength index (RSI) is already showing bullish signals, exceeding the 50 mark and continuing to grow, indicating an uptrend.

Read also: Waiting for the spot ETF on Shiba Inu (SHIB)

Forecast for SHIB: will it be possible to break through successfully?

The daily chart foreshadows a successful bullish breakout for SHIB. The price dynamics shows that the coin is located inside both long-term and short-term ascending parallel channels. Its price is trying to break through the middle line of the long-term channel and the resistance of the short-term channel.

The daily RSI also confirms the prospects of a breakthrough, being above the 50 mark and moving up. If successful, Shiba Inu can grow by almost 25%, reaching the resistance line of the long-term channel at $0.0000128.

Despite the optimistic forecast, the inability of SHIB to get out of the short-term channel may lead to a 25% decrease to the support line of the long-term channel at $0.0000080.