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Shiba Inu analysis – growth of more than 30% still does not have to mean the bottom of the correction

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Shiba Inu bounced back from the last low by more than 30%. At first glance, this may seem like a bullish trend that is in its infancy. However, this may not be the case at all reversal long-term correction. The current growth is in the structure of the correction and we would have to overcome the last maximum to reverse the trend.

The previous maximum is on $ 0.00003250, which is close to the point of control, and this zone represents significant resistance. Nevertheless, the current reflection of Shiba Inu is strong and compared to most, SHIB has a decent retracement. However, this is not enough to confirm a change in the trend.

Shiba Inu still in correctionSource: TradingView

Shiba Inu still in the correction

The correction does not have to end with the formation of 123 bottom, but it is also possible to immediately bounce back from the last low, which will represent the bottom. That is, the last minimum could mean bottom correction, but we have not confirmed it. Confirmation only occurs when we exceed the previous local maximum.

In the long run, the price can find a bottom anywhere, so we can eliminate the risk by waiting for the signal. The trend still looks like in the long run bearish, and therefore if someone plans to buy, they must take into account the risk that the correction may not have found the real bottom yet.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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