Shiba Inu (SHIB) Remains Resilient Amid $300 Million Trump Coin Volatility

Shiba Inu (SHIB) managed to hold above the $0.000015 level on Wednesday (14/5), despite falling 3.6% intraday, following the turmoil in theecoin market due to a large cash injection into Trump Coin.

Shiba Inu price today is showing a consolidation pattern above the $0.000015 level, trading in the range of $0.00001562 on Thursday. This movement began to form a bullish continuation pattern, having previously shaken weak investors (weak hands) at the beginning of the week.

SHIB’s price action is currently seen rallying above the dynamic support of the Donchian Channel midline at $0.00001498, with candles printing higher lows, despite declining trading volume. This indicates that traders would rather hold on than exit the market, anticipating a potential breakout towards the upper limit of the Donchian Channel at $0.00001765.

Meanwhile, the Klinger Oscillator indicator showed a narrowing divergence between the fast line (blue) and the signal line (green), standing at 5.27 billion and 89.18 billion, respectively. This signals that the bearish momentum is starting to weaken.

Another technical indicator, Parabolic SAR, is still printing dots below the current price structure at $0.00001435, which is a classic signal of an active uptrend.

The current price correction is taking place with low volume and without major selling pressure (no big red candles), which could be interpreted as a sign of distribution exhaustion, not a new sell-off.

If buyers are able to push the price through $0.00001600 accompanied by increased volume, then the next resistance is at $0.00001765.

However, if the $0.00001498 support fails to hold, then the $0.00001435 area of the Parabolic SAR becomes the last stronghold before a potential deeper correction to $0.00001230, which is the lower limit of the Donchian Channel.

As of now, the price structure, indicator direction, and weakening selling pressure still suggest that the path of least resistance is upwards.