SHIB Inu has started its new weekly session in the green as it continues its bullish retracement move from last week’s low of $ 0.00002058.
On 11 October the price of SHIB logged an interra day high of 00 0.00002907, gaining a return of 40% more than the ongoing rebound trend. In doing so, the Dogcoin-inspired meme cryptocurrency saw an extended runup towards its technical resistance level near $ 0.00002978, as shown in the chart below.
Extended assembly in front?
The Shiva Inu chart also shows the willingness of traders to deposit SHIB tokens when its price is tested as support for the 20-4H index moving average (20-4H EMA; green wave).
For example, cryptocurrency crashed more than 0% on Thursday as Shiva Inu’s address dropped 1 million – 10 million SIHB 311 billion tokens, the largest in six months, according to Sentiment. However, prices recover when traders start depositing SHIB tokens near the 20-4H EMA.
In addition, Shiba Inu’s ongoing retracement has indicated a potential correlation between the 1 million – 10 million SHIB address dump and its value. Sentiment Note The value of Shiv Inu rises every time SHIB millionaires drop their holdings, as shown in the chart below.
This shows the intention of micro traders to exploit the massive sales.
Retail feeling moon
According to Google Trends, bullish retracement in the SHIB market has matched the growing internet query for the term “Shiva Inu”.
Web data shows that the Shiva Inu trend in the US has increased over a 12-month interest rate period, indicating retail interest rates. At 92, the trend is near the highest popularity score of 100, last seen in the second week of May. This indicates that more and more internet users are looking for information about Shiva Inu.
Nevertheless, Internet questions for the keyword “how to buy Shiva Inu” came up in only 18 at the same time. Still, compared to the previous week, interest has risen 260%.
The story of two indicators
Technically, SHIB’s latest comeback move appears to have invalidated a bearish setup that Cointelegraph discussed in one of its previous coverage.
Related: Shiva Inu is now the top 20 cryptocurrency with SHIB price rising 300% in 9 days
In particular, the price of SHIB has broken the bullish from the otherwise bearish landing triangle pattern as it has closed above the upper trendline of the structure with the increase in trading volume. While the breakout is still waiting to be confirmed, it has raised the possibility of a bullish continuation.
The reason for the extended side upward is a temporary bull pennant, which usually sends a higher price than the height of the previous side upward step. In other words, SHIB’s bull pennant pattern could send its price above 0.00004713.
Meanwhile, if the price retreats within the pennant range, it will take the risk of reactivating the landing triangle setup. While doing this, Shiva could make a correction towards 0.00002195, then move towards a negative breakout towards 00 0.00001000.
The opinions and opinions expressed herein do not merely reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.