Dogecoin and other crypto by Dennis Diatel Photography via iStock
Shiba Inu (SHIBUSD) is currently testing its 2021 lows, a very strong and significant support level at the former wave 4 swing low. Notably, price action may also be completing subwave (5) of a wedge pattern within wave C of a larger ABC zig-zag corrective decline. This structure suggests that a rebound could develop soon. However, the first meaningful bullish confirmation would only come with a move above the former wave (4) swing high. Until then, the broader corrective pressure remains intact despite the potential for a short-term bounce.
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