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$SHIB has spent weeks grinding lower, slowly squeezing out late longs and draining momentum across the board. Now price is reacting from a zone that previously acted as demand, and the sell-off looks increasingly exhausted rather than aggressive.
If this level continues to hold, SHIB could start building a base before attempting a recovery toward prior resistance. The structure still needs confirmation, but risk-to-reward here is improving. Patience and volume will decide the next leg.