|

Shiba Inu price is on the brink of a breakout to $0.00001115

  • 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

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.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.