Shiba Inu (SHIB) started its new weekly session in the green, extending its bullish decline from last week’s low of $0.00002058.
On October 11th, SHIB price reached a daily high of $0.00002907, which provides a profit of more than 40% from the ongoing rebound trend. Then, the Dogecoin-inspired cryptocurrency meme took a look at the extended startup, as it approached the technical resistance near $0.00002978, as shown in the chart below.
SHIB/USDT 4-hour price chart. Source: TradingView.com
Is there a long walk ahead?
The Shiba Inu chart also showed the intent of traders to collect SHIB tokens when price is testing the 20-4H exponential moving average (20-4H EMA; green wave) as support.
For example, the cryptocurrency plunged more than 40% on Thursday when Shiba Inus addresses worth between 1 million and 10 million SHIBs dumped more than 31 billion tokens, the largest in six months, according to Santiment. However, the price recovered when traders started collecting SHIB tokens around 4-20 hours from the exponential moving average.
Additionally, the Shiba Inus has received persistent recovery signals from a possible correlation between the SHIB 1-10M address dump and the price. Sentiment indicated that the price of Shiba Inu is rising again each time after SHIB millionaires give up their assets, as shown in the chart below.
Distribution of Shebaa Inu supplies. Source: Santiment
This demonstrates the intent of small retailers to accommodate wholesale sales.
Moon Mood in Retail
According to Google Trends, the uptrend in the SHIB market has coincided with an increase in internet searches for the keyword “Shiba Inu”.
Online data shows that the US Shiba Inu trend is on the rise compared to the 12-month interest rate, indicating a boom in retail interest. At 92, the trend is approaching its highest popularity score of 100, which was last seen in the second week of May. This indicates that more and more Internet users are looking for information about Shiba Inu.
Google searches for “shiba inu”. Source: Google Trends.
However, there were only 18 internet searches for the keyword “how to buy shiba inu” during the same period. However, compared to the previous week, the interest rate increased by 260%.
A story about two indicators
From a technical point of view, SHIB’s recent bounce seems to have invalidated the bearish setup discussed by Cointelegraph in one of its previous reviews.
About it: Shiba Inu is now among the top 20 cryptocurrencies, and the SHIB price has gone up 300% in 9 days.
In particular, SHIB price breached the ascending descending triangle pattern, or else it closed above the upper trend line of the structure with increased trading volume. While the outbreak is still awaiting confirmation, it has increased the chances of the upside continuation.
The reason for the long rise is the presence of a temporary bullish pennant, which usually pushes the price higher as the previous setup rises. In other words, a rise of SHIB above the bullish flag pattern could push the price to $0.00004713.
SHIB/USDT 4-hour price chart with beef banner customization. Source: TradingView.com
In the meantime, if the price returns to the pennant area again, there is a risk of activating the descending triangle. Thus, SHIB may see a correction towards $0.00002195 followed by a negative breakout towards $0.00001000.