Shiba Inu (SHIB) started the new weekly session in the green and continues its bullish retracement from last week’s low of $ 0.00002058.
SHIB price hit an intraday high of $ 0.00002907 on October 11th, realizing more than 40% gain from its ongoing rally. In the process, the Dogecoin-inspired meme cryptocurrency saw an extended rally towards its technical resistance near $ 0.00002978, as shown in the graph below.
Will protests be protracted?
The Shiba-Inu chart also shows traders’ intention to accumulate SHIB tokens as its price tests the 20-4H exponential moving average (EMA 20-4H; blue wave) as support.
For example, cryptocurrency fell more than 40% on Thursday as Shiba-Inu addresses valued at 1 million to 10 million SHIBs dropped more than 31 billion tokens, the largest in six months, according to data from Cointelegraph. However, the price rebounded as traders started accumulating SHIB tokens near the 20-4H EMA.
In addition, the ongoing tracing of the Shiba Inu is based on the possible correlation between the dumping of the 1M-10M SHIB address and its price. mood Note that Shiba Inu price rebounded after SHIB millionaires sold their holdings, as shown in the graph below.
This shows the intention of the micro-traders to catch the big sell-offs.
Retail mood moon
According to Google Trends, the bullish retracement on the SHIB market coincided with an increasing number of Internet queries for the keyword “Shiba Inu”.
Web data shows an increase in the US Shiba Inu trend over the 12-month interest rate period, suggesting a retail interest rate boom. At 92, that trend is close to the most popular point out of 100, which was last seen in the second week of May. It turns out that many internet users are looking for information about Shiba Inu.
However, during the same period, only 18 Internet inquiries were made for the keyword “How to buy Shiba Inu”. Compared to the previous week, however, interest rates have risen by 260%.
The story of two statistics
Tech-wise, SHIB’s recent rebound appears to have invalidated the bearish setup that Cointelegraph discussed in one of its previous averages.
Related: Shiba Inu is now one of the top 20 cryptocurrencies, with SHIB price up 300% in 9 days
In particular, SHIB price broke the uptrend of another bearish descending triangle pattern when it closed above the top trendline of the structure on an increase in trading volume. While the breakout is still awaiting confirmation, it has increased the prospects for price continuation.
The reason for an extended rally is a temporary bullish pennant, which often results in the price being much higher than the level of the previous rally. In other words, a breakout of SHIB above a Bull Pennant pattern can push the price to $ 0.000004713.
If the price falls back into the pennant area in the meantime, there is a risk that a descending triangle will be triggered again. The SHIB may consider a correction towards $ 0.00002195 followed by a negative breakout towards $ 0.00001000.