In recent times, Shiba Inu (SHIB) has captured the attention of crypto enthusiasts, particularly after a notable move by one of the whales in the market. Following a general downturn alongside the memecoin sector since late November, SHIB has faced considerable challenges. The volatility in Bitcoin (BTC), which has struggled to reclaim the $100,000 mark, has certainly added to the bearish sentiment affecting SHIB.

However, amidst the market gloom, a major player made waves by transferring a staggering 8.18 trillion SHIB tokens from the Crypto.com exchange. This move, valued at around $195.1 million, has buoyed bullish spirits and raised eyebrows among traders analyzing the charts for potential buying opportunities.

As per the daily charts, SHIB appears to be inching towards recovery after experiencing a significant correction in mid-2024. The price has found a support zone around the $0.00002 mark, a level that had previously acted as resistance before November. Despite this emerging support, the daily timeframe remains bearish, especially after the price dipped below the key 61.8% retracement level at $0.00002325 in December. This has stifled bullish attempts to push higher, resulting in a short-term trading range.

The momentum in the market has also seemed unsteady, with the Awesome Oscillator indicating slightly bearish conditions. However, on the 4-hour chart, a clearer picture emerges. The short-term range lows, established around $0.000021, were briefly breached earlier this week as BTC fell to $89.2k. In a surprising twist, Shiba Inu quickly rebounded, creating a strong buy signal in the process.

As traders analyze SHIB's potential, there is optimism for a bullish move toward the range highs at $0.0000246 over the coming week. Nevertheless, caution is encouraged; the Chaikin Money Flow (CMF) metric shows a slight negative in capital flows. Without significant buying pressure, SHIB may find it difficult to overcome mid-range resistance located at $0.0000228.

For those trading SHIB, setting a stop-loss below the local lows—or around $0.0000202—could be a prudent strategy. There’s a fair value gap around $0.0000208, which may help arrest any potential downward movements.

With Shiba Inu showing potential for a reversal, traders and investors alike are keenly watching the charts. Will SHIB be able to recover and capitalize on this moment of whale activity? Only time will tell, but a sense of cautious optimism fills the air. Don't miss out on what could be a significant shift in the SHIB narrative!