Despite massive selling by SHIB whales, the Shiba Inu has recovered 40% of its value.

As shopping frenzy surrounding Shiba Inu hints at hitting May top levels, the steep upward retracement emerges.

Shiba Inu (SHIB) extended its positive retracement move from last week’s low of $0.00002058 to start the new weekly session in the green.

On Oct. 11, SHIB hit an intraday high of $0.00002907, generating almost 40% profits from its current comeback trend. As a result, the meme cryptocurrency inspired by Dogecoin aimed for a long runup into its technical resistance level at $0.00002978, as shown in the chart below.

Is there a chance of a longer rally?

When the price of SHIB tokens reaches the 20–4H exponential moving average (20–4H EMA; the green wave) as support, traders’ intention to collect SHIB tokens is also visible on the Shiba Inu chart.

According to Santiment statistics, the cryptocurrency fell by more than 40% on Thursday when Shiba Inu’s addresses valued 1 million–10 million SHIB dumped over 31 billion tokens, the most in six months. The price rebounded, however, as traders began to accumulate SHIB tokens at the 20–4H EMA.

Shiba Inu’s continuing retracement was also influenced by a possible link between the 1 million–10 million SHIB…