TLDR
- SHIB experienced a 2.83 trillion volume spike, nearly 4x the average, helping recover from a sharp price drop
- The token is consolidating above the $0.000015 psychological support level
- SHIB has gained nearly 16% in May, now trading above $0.000015
- An inverted head-and-shoulders pattern has completed on the daily chart
- Price targets include $0.00001865 (23.6% Fibonacci retracement) after the 200-day EMA at $0.00001603
Shiba Inu (SHIB) has shown strong recovery momentum, holding firm above the $0.000015 support level after experiencing a substantial volume spike. The token has gained nearly 16% in May, demonstrating resilience despite recent market turbulence.
SHIB rebounded from a sudden drop to $0.0000143 with extraordinary volume support. A massive 2.83 trillion volume spike – nearly four times the average – provided crucial backing during the recovery phase.
The token is now trading above the $0.000015 mark, a key psychological level that has been tested multiple times in recent trading sessions.
Technical data from CoinDesk Research’s analysis model shows SHIB climbing from $0.0000146 to $0.0000150, representing a 2.85% gain with a price range of $0.00000081 (5.64%) over a 24-hour period.
Technical Pattern Confirmation
The daily chart reveals SHIB has printed a textbook inverted head-and-shoulders pattern this spring. This bullish formation took shape over three distinct troughs: a left shoulder bottoming just above $0.00001082 in mid-March, a head wicking to about $0.00001030 in early April, and a right shoulder finding support near $0.00001230 in early May.
This sequence carved out an arc lasting more than two months, culminating in a decisive surge from May 8 that pushed price through the neckline with a strong green candle.
Momentum on the breakout carried SHIB as high as $0.00001765 – its highest level since early February – before profit-taking invited a classic “throwback” to the neckline zone.
Over recent sessions, the token has slid back to test the neckline zone between $0.00001400 and $0.00001470, where buying interest has absorbed selling pressure, validating this level as fresh support.
The successful retest completes the pattern, fulfilling the final criterion many technical analysts require before confirming the formation.
High-volume candles and rapid rebounds suggest accumulation, possibly by larger investors rather than retail panic. Three consecutive high-volume candles from 23:00-01:00 established a solid foundation above the $0.000015 psychological level.
Future Price Targets
With the pattern now complete, attention turns to potential price targets. Using Fibonacci retracement levels anchored to last summer’s $0.00004569 high and the March swing low at $0.00001030, several key levels emerge.
The first technical waypoint appears at the 200-day exponential moving average (EMA) at $0.00001603, followed by the 23.6% retracement at $0.00001865.
Should buyers reclaim both levels on a closing basis, the next targets include $0.00002382 (38.2% retracement) and the midpoint level at $0.00002799.
In the last hour of trading, SHIB showed increased 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 brief correction at 01:37-01:38 dropped the price 5% to $0.00001505, before establishing a consolidation pattern.
SHIB’s key resistance at $0.0000151 was tested twice during recent trading, with accumulation patterns forming in the final hours.
The token’s current price action and technical setup suggest potential for continued upward movement if current accumulation patterns persist and the $0.000015 support level holds.
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