- Shiba Inu price made a new low in its existence last week.
- SHIB bulls used that correction for a buy-up towards a new high since July.
- A few essential technical elements got reconquered by buyers and should provide support in the coming week.
Shiba Inu (SHIB) formed the perfect scenario for a bull trap two weeks ago. In the week after that, price action made new lows in the existence of Shiba Inu, and buyers have used the lucrative move for picking up some Shiba Inu for their portfolio and longs in SHIB.
Shiba Inu price made a new high since the summer and look to add another 30%
Shiba Inu price is back in favor of the buyers after the love between the bulls and SHIB was at an all-time low since the bull trap from two weeks ago. Bulls go lured into buying SHIB at $0.00000760. The week after that, in a failed attempt to run price action back towards the dotted descending trend line or the R1 monthly pivot at $0.00000900. Instead, buyers got washed out of their long positions, and the price retreated below $0.00000550.
This event allowed buyers to step in and buy some SHIB at a very attractive discount. This renewed love between Shiba Inu and bulls got confirmed this week with some solid buying into the price action, resulting in a new high since July.
SHIB/USD weekly chart
It will be essential to see if buyers can keep price action above the dotted descending trend line next week. A close above there this week would be helpful as a launching point towards $0.00001115. That is the first fundamental level of importance and has not been adequately tested yet, although there have been several resistances from previous months around this level.
If sellers cannot close this above $0.00000760, expect another bull trap is taking effect and could see buyers pulling their funds out of Shiba Inu again, leaving the price action in the hands of sellers. A retest of $0.00000500 would be inevitable then.