The meme currency Shiba Inu kickstarted its latest session in the green as it tried its bullish retracement move from the low of last week. The price of this cryptocurrency logged in at an intraday high of $0.00002907 on the 11th of October, where it nets over 40% returns from its ongoing rebound trend. As a result, the Dogecoin-inspired meme cryptocurrency looked towards an extended runup towards the technical resistance that came up at $0.00002978.
Extended rally for Shiba Inu ahead?
The chart that highlights the growth of Shiba Inu also displays the intentions of the traders to accumulate the SHIB tokens when the price of the cryptocurrency tests the exponential moving average at 20-4H as support.
For example, the cryptocurrency did manage to crash at 40% on the 7th of October, as the addresses of the cryptocurrency worth around 1-10 million SHIB went on to dump close to 31 billion tokens- as reported by Santiment data. However, the price that was recovered with traders starting to accumulate the tokens of the currency reached around 20-4H EMA.
Also, the ongoing retracement of Shiba Inu did take some cues from a potential correlation that took place between the SHIB address dump between 1 million and 10 million, along with the price. Santiment further noted that the price rebound of the cryptocurrency took place every single time after the crypto millionaires dumped their holdings again.
Reports from the Web have shown a vast rise in the Shiba Inu trend in the United States on a timeframe that grows over a year, which signals a booming retail interest. At 92, the trend is definitely much closer to the peak popularity score of 100- which was last seen in the second week of May. This implies that more and more users on the internet have been looking for information on this cryptocurrency.