The weekly timeframe shows that the price of the popular memecoin has risen steadily since June, when it bounced off a low of $0.0000054. The upward movement accelerated after the price formed a rising low in October.

After three unsuccessful testing attempts (red symbols), SHIB finally broke through the 475-day descending resistance line in December. It then closed above an important horizontal resistance area.

The RSI is above the neutral level of 50 and moving upward, which is a sign of a bullish trend.

It is also worth noting that in the last 24 hours alone, more than 7,500,000 SHIB tokens have been burned. In addition, the total value of assets locked in Shibarium (TVL) recently exceeded the psychological mark of $1 million, although it has now retreated below it again.