Despite the recent pullback, the token has not made a new low, which is a positive sign that the broader structure remains intact. Instead, price action suggests that the market may have just completed a subwave 2 correction within a new emerging trend.
Notably, this retracement has reached a deep 0.854 Fibonacci level, where wave 2 often finds support before reversing. If this level continues to hold, the stage may now be set for a powerful subwave 3.
