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 address dump and its price. According to Santiment, Shiba Inu’s price always rises once SHIB billionaires sell their holdings, as demonstrated in the graph below.
The mood in the retail sector is improving.
According to Google Trends, the positive retracement in the SHIB market corresponded with an increase in the amount of internet searches for the term “Shiba Inu.”
On a 12-month interest timeline, web data reveals a growth in the Shiba Inu trend in the United States, indicating burgeoning retail interest. The trend is approaching the top popularity score of 100, which was last observed in the second week of May, at 92. It suggests that more people are searching the internet for information about Shiba Inus.
Nonetheless, over the same time period, the number of online searches for the phrase “how to purchase Shiba Inu” was just 18. Nonetheless, interest…