Recent large movements of Shiba Inu have intensified market attention. A key factor was a whale moving 8.18 trillion SHIB from Crypto.com, totaling $195.1 million. This occurred amid a broader meme coin market decline.
SHIB Struggles to Break Key Resistance Level
Shiba Inu’s price remains below the critical retracement level of $0.00002325 on the daily chart. This resistance has persisted since December 2024, holding back bullish attempts. Currently, the $0.00002 level acts as a fundamental support zone, stemming further losses. However, the Awesome Oscillator reveals weak momentum, complicating recovery efforts. The Chaikin Money Flow reflects neutral capital inflows, limiting potential price increases.
Short-Term Range Presents Opportunities
The short-term range on the 4-hour chart for SHIB shows temporary breakdowns led by Bitcoin, but rapid recovery indicates possible strength and a bullish reversal. A buy signal might occur with a deviation below $0.000021 followed by a rebound, suggesting potential targeting of $0.0000246. However, resistance at $0.0000228 could limit buyers if upward momentum is not sustained.
SHIB Faces Risks Below $0.0000208 Support Zone
Capital flows and momentum shifts have the potential for a bullish breakout. If $0.0000228 is broken, further gains towards $0.0000246 are possible. Conversely, a drop below $0.0000208 would invalidate bullish scenarios, with potential for further losses. Market participants remain cautious, balancing weak momentum indicators with neutral inflows.
Overall, Shiba Inu seems on the path to recovery, yet still faces hurdles. There are short-term opportunities, but the market's volatility necessitates caution for investors.
