Shiba Inu (SHIB) Holds Above Crucial Support Level Despite Market Volatility

(SHIB) has displayed remarkable strength in recent trading sessions, holding firm above the crucial $0.000015 support level despite market volatility.

Shiba Inu (SHIB) has shown remarkable strength in recent trading sessions, managing to stay above the crucial $0.000015 support level despite market volatility. The popular meme token has seen a 16% gain in May so far, currently trading at $0.00001511 as of May 22.

Recent data from CoinDesk Research’s technical analysis model shows SHIB experienced a massive trading volume spike of 2.83 trillion, almost four times the average. This surge in volume helped the token recover from a sharp drop to $0.0000143.

The increased trading activity comes as SHIB consolidates above the $0.000015 mark, a psychological level that has been tested multiple times. The high-volume candles and rapid rebounds from dips suggest active accumulation, possibly by larger investors or institutional buyers.

During a 24-hour period, SHIB climbed from $0.0000146 to $0.0000150, representing a 2.85% gain with a price range of 0.00000081 (5.64%). The token faced its most challenging moment at 17:00 when the price plummetered to $0.0000143 before finding strong volume support.

Technical Pattern Confirmation

Technical analysis reveals SHIB has printed a textbook-grade inverted head-and-shoulders pattern on the daily chart this spring. This bullish formation took shape over three distinct troughs: a left shoulder that bottomed just above $0.00001082 in mid-March, a head that wicked to about $0.00001030 in early April, and a right shoulder that found support near $0.00001230 in early May.

The pattern culminated in a decisive surge from May 8 that broke through the neckline with a strong green candle. This breakout carried SHIB as high as $0.00001765—its highest level since early February—before some profit-taking occurred.

Over recent sessions, the token slid back to test the neckline zone, where buying interest has absorbed selling pressure. This successful retest validates the level as a fresh support zone between $0.00001400 and $0.00001470, completing the pattern criteria that many technical analysts look for.

The vertical depth of the formation, measured from the head’s extreme to the midpoint of the neckline, is roughly $0.0000037. When applied to the breakout area, this measurement confirms the local top at $0.00001765.

Recent Price Action

SHIB experienced three consecutive high-volume candles between 23:00-01:00, establishing a solid foundation above the $0.000015 psychological level. In the last hour of the analyzed period, SHIB exhibited heightened volatility with a price surge at 01:22 when it broke above the $0.0000151 resistance level, reaching $0.00001514 by 01:31.

Elevated trading volumes supported this bullish momentum, particularly during the 01:36 candle which recorded nearly 80 billion in volume. A sharp correction at 01:37-01:38 dropped the price 5% to $0.00001505, before establishing a consolidation pattern.

Key resistance at $0.0000151 was tested twice during the period, with accumulation patterns forming in the final hours of trading. With the psychological support at $0.000015 holding firm after multiple tests, SHIB appears positioned for potential continuation of its upward trend if current accumulation patterns persist.

The token’s ability to recover from sudden drops with extraordinary volume support suggests stronger hands may be accumulating during dips, rather than retail investors panicking and selling.