SHIBA/USD Analysis: Preparing for a Potential Breakout

Elliott Wave Structure:
Wave Count:

The chart illustrates a completed 5-wave corrective structure (labeled 1 through 5 in yellow).
A possible ABC corrective wave is underway, suggesting the start of a bullish retracement phase.
Breakout Potential:

Price is testing a key resistance level at 0.000027, a critical zone to confirm bullish continuation.
If the resistance is broken, we may see a rally targeting higher Fibonacci extension levels.
Key Indicators:
Descending Channel:
The pair is breaking out of the long-term descending channel, indicating a shift in market sentiment.
High-High Momentum:
Consecutive higher highs suggest growing buyer interest.
A sustained move above the Ichimoku cloud confirms bullish dominance.
Targets:
Immediate Resistance: 0.000027 (critical breakout level).
Fibonacci Target: 0.000032 (short-term upside).
Conclusion:
SHIBA/USDT is positioned at a pivotal resistance zone, with a potential for a bullish breakout to 0.000032. However, failure to sustain above 0.000027 could lead to retesting lower supports.

📢 Disclaimer:
This analysis is for informational purposes only and is not financial advice. Please conduct your own research before making trading decisions. 🛑