• Whale accumulation buoyed bullish spirits on SHIB’s charts
• Deviation below the range followed by a quick reclamation gave a high probability buy signal

Shiba Inu [SHIB] has suffered losses alongside the rest of the memecoin sector since late November. Bitcoin’s [BTC] struggle to reclaim $100k and the accompanying price volatility did not aid SHIB bulls one bit.

However, the background doom and gloom sentiment did little to dissuade a whale from moving 8.18 trillion SHIB out of Crypto.com exchange. These tokens were valued at around $195.1 million at the time.

A SHIB buying opportunity near the range lows

The daily chart revealed that Shiba Inu was on a slow path to recovery after the deep correction in mid-2024. The $0.00002 zone, which had been a resistance before November, remained a support zone at press time.

And yet, the daily timeframe structure was bearish after the December slump took the price below the 61.8% retracement level at $0.00002325. Since then, the same level has opposed bullish efforts to break out, leading to the formation of a short-term range.

The capital inflows were neutral and the momentum was slightly bearish on the daily chart, according to the Awesome Oscillator.