Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from last week’s low of $0.00002058.
SHIB’s price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below.
SHIB/USDT 4H price chart. Source: TradingViewExtended rally ahead?
The Shiba Inu chart also showed traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support.
For instance, the cryptocurrency crashed by over 40% on Thursday as Shiba Inu’s addresses worth 1 million–10 million SHIB dumped over 31 billion tokens,