Shiba Inu (SHIB) price action is moving towards closing the week with weekly losses, according to crypto analyst Filip L. Meanwhile, the analyst notes that SHIB price is trying to break the bearish strength of the bulls. Therefore, the analyst now expects a bull trap to form. However, he also states that it will upset the line even more with the effect of summer. We have prepared Filip L’s analysis of SHIB for our readers.
“Shiba Inu fell into a bull trap”
The Shiba Inu will close the week with a loss after the bullish soft patch in the last week of June. As you follow on Kriptokoin.com, some cryptocurrencies have seen a complete collapse from last week’s lows to lower levels. In this environment, the SHIB price is much better. It also has a bearish cap with the bulls ready to attack at any moment. For now, wait for the bearish momentum to outweigh. However, it seems that there will be a return in sensitivity in the coming summer weeks.
Shiba Inu price action has slumped further after it tried to move up. Also, the 55-day Simple Moving Average (SMA) hangs over the price action as a watchdog that keeps the bear trend in play. SHIB slipped further down after trying to break this level. The bulls have seen their attempts cut short. So he fell into a bull trap. He squeezed them down and tried to get them to cut their losses. However, there was no downward acceleration as seen in some other cryptocurrencies.
“SHIB price is likely to see a subtle 20% drop”
A drop below $0.00000984, the new monthly pivot for July, is possible for SHIB price. It’s there on Sunday night, likely to close with $0.00000800 as a target around the S1 support level.
With the July pivots very close together, support and resistance will further mute price action. Therefore, it will see momentum build up for a breakout. On the downside, this is still likely to mean a drop to $0.000000507.
“An upside break could easily lead to $0.00001708”
However, a weekly close above the 55-day SMA is likely to be a big game changer. It could even be the beginning of the end of the bear trend as we know it. As mentioned in the previous paragraph, summertime always means thinner liquidity, with tighter pivot levels.
Correspondingly, an upside break to $0.00001708 is possible as it comes with more significant price action. That’s a brilliant 110% gain. So that explains why the whales who joined the price action a few weeks ago are on to something.
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