Shiba Inu Elliott Wave Analysis

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Shiba Inu hourly chart


As seen in the hourly chart, the crypto currency is moving in an accumulation pattern and can move higher from current levels once the level of $0.00000876 is taken out decisively. The mentioned level is the breakout level of an inverse head and shoulder pattern.

Also as per Wave theory, prices are moving in a ending diagonal pattern where it has completed all five legs internally and can move higher from here as there is a clear bullish breakout.

The summation is prices are likely to test $0.00001263 over short term, once the level of $0.00000876 is surpassed decisively.

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