SHIBA INU ElliottWave Analyais

SHIBA/USD hourly chart
As shown in the above chart, the crypto currency is moving in a higher highs and higher lows, but now it is at a challenging terrain where it is difficult to come to a concrete conclusion that where and how it can resume the major trend.

I have found out two important supports from where prices can reverse and resume it's uptrend (shaded area).

Wave theory suggests, prices have completed an impulse wave and has started corrective wave, either the correction is over, as it is showing resilience or it will move back down in form of wave c to complete (a-b-c) pattern and slump till next shaded region.

The summation is, Shiba Inu is near important support, break of $0.0000780 will sink price till $0.0000720. If it stays above $0.0000780 then it can surpass $0.0000950.


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