Here’s why Shiba Inu’s latest price hike might just be a bull trapOn Friday, 14th August, Open Interest on Shiba Inu [$SHIB] positions rose from $46.54 million the day before to $52.79 million. According to Coinglass, this hinted at a 13.4% hike. This speculative volume flood was accompanied by an uptick of 4.03% too.That’s not all though as Coinalyze’s data revealed that spot demand for Shiba Inu has been steady lately. The weekend tends to see lower trading volume, but $SHIB bulls might be able to drive a bigger rally next week if the spot and speculative buying pressure is maintained.
Let’s break down whether swing traders should adopt a bullish or bearish bias.Short-term upward momentum shouldn’t fool $SHIB bulls
In a recent report, AMBCrypto highlighted the bearish swing structure of Shiba Inu on the 1-day timeframe. The bounce in late July extended to $0.00000583 but only tested an overhead supply zone.Since that bounce, the memecoin has fallen by 21.4% in three weeks.
$BCH
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