Shiba Inu (SHIB) has shown remarkable resilience, maintaining its price above the critical psychological support level of $0.000015 amid notable market volatility. The token experienced a significant trading volume spike of 2.83 trillion, nearly four times its average volume, which helped it recover from a sharp dip to $0.0000143.
Technical analysis reveals SHIB completed a classic inverted head-and-shoulders pattern on its daily chart, a bullish indicator predicting upward movement. This pattern developed from three key troughs between March and May, culminating in a breakout above the neckline starting May 8, reaching highs of approximately $0.00001765.
Recent trading sessions saw SHIB consolidate above the $0.000015 mark, with accumulation patterns suggesting buying interest from possibly institutional investors or whales rather than retail investors selling in panic. In a 24-hour period, the token gained about 2.85%, hitting a peak of $0.00001514 during periods of elevated volume nearing 80 billion.
Despite a brief 5% correction following some profit-taking, SHIB established a consolidation phase, successfully retesting the neckline support zone between $0.000014 and $0.0000147. This retest validates the support and indicates readiness for a possible continuation of the upward trend if current accumulation persists.