Shiba Inu's Price Hike May Be a Bull Trap

Shiba Inu's recent price hike has sparked concerns that it might be a bull trap, according to AMBCrypto. On August 14th, Open Interest on Shiba Inu positions rose from $46.54 million to $52.79 million, indicating a 13.4% increase.

This surge in speculative volume was accompanied by an uptick of 4.03%. However, 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.

However, AMBCrypto highlights 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.

The memecoin has fallen by 21.4% in three weeks since that bounce. A local support zone at $0.0000046 was flipped to resistance over the past week, and the short-term upward momentum on Friday saw Shiba Inu surge into this overhead supply zone.