Market Overview for Shiba Inu/Dogecoin (SHIBDOGE) – 2025-10-08

• Shiba Inu/Dogecoin (SHIBDOGE) traded within a tight range of $4.82e-05–$4.95e-05, with late-day selling pressure dragging price below key intraday resistance.
• Price action shows a bearish bias, supported by RSI divergence and declining volume amid a downward move.
• A bullish engulfing pattern briefly emerged after a short-term pullback, but it failed to confirm a reversal.
• Volatility expanded during the 23:30–00:15 ET window, pushing SHIBDOGE to a high of $4.95e-05 before retreating.
• Turnover spiked during the mid-to-late night session, indicating increased participation ahead of the 24-hour close.

Opening Snapshot

Shiba Inu/Dogecoin (SHIBDOGE) opened at $4.87e-05 on 2025-10-07 at 12:00 ET and traded as high as $4.95e-05 before closing at $4.88e-05 on 2025-10-08 at 12:00 ET. Total traded volume for the 24-hour period was 328,194,854.0 units, with a notional turnover of approximately $15.6 million (calculated using SHIBDOGE prices and volumes). The price action reveals a bearish consolidation pattern amid mixed momentum.

Structure & Formations

SHIBDOGE exhibited a bearish bias throughout the 24-hour period, with resistance forming around $4.91e-05–$4.95e-05. A brief attempt to break above $4.95e-05 in the early morning failed, leading to a sell-off. A bearish engulfing pattern emerged near $4.95e-05 and $4.91e-05, reinforcing the likelihood of a short-term bearish continuation. A small doji appeared near $4.88e-05, hinting at indecision but failed to reverse the downward trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remained in a bearish alignment, with the 50 MA crossing below the 20 MA to form a death cross late in the session. On the daily chart, the 50-period MA is also below the 100-period MA, supporting a continuation of bearish momentum. The 200-period MA acts as a strong support level, currently at around $4.85e-05.

MACD & RSI

The MACD line turned negative and remained below the signal line, indicating bearish momentum. The histogram has been shrinking slightly, suggesting a potential slowdown in bearish force. The RSI dipped below 30 in the last few hours, signaling oversold conditions, but divergence between the price and RSI suggests the move lower may not be over. Traders should watch for a potential bounce from oversold levels or a breakdown below key support.

Bollinger Bands

Volatility expanded significantly during the 23:30–00:15 ET window, with SHIBDOGE reaching the upper Bollinger Band at $4.95e-05 before retreating. In the final hours of the session, the price traded near the lower Bollinger Band at $4.85e-05–$4.88e-05, indicating a reversion to the mean. The narrowing of the Bollinger Bands earlier in the session suggested a low-volatility period, followed by a sharp breakout to the upside and a subsequent sell-off.

Volume & Turnover

Volume surged during the overnight hours, especially between 03:00–04:30 ET, with a sharp increase in turnover as SHIBDOGE tested $4.95e-05. The volume profile supports the bearish move, with heavy selling pressure after the failed breakout. The divergence between the bullish candlestick and weak volume in the final few hours of the session suggests that the rally was not supported by strong buying interest.

Fibonacci Retracements

Applying Fibonacci retracements to the recent $4.82e-05 to $4.95e-05 move, key levels to watch include $4.91e-05 (61.8%), $4.89e-05 (50%), and $4.87e-05 (38.2%). The price has bounced off the 61.8% and 50% levels but failed to hold above them. A breakdown below $4.85e-05 may signal a deeper correction, targeting $4.82e-05 as a key support.

Backtest Hypothesis

A potential backtesting strategy could involve identifying bearish engulfing patterns that form on high-volume candles near key Fibonacci resistance levels. Such a setup would trigger a short entry with a stop above the engulfing high and a target at the nearest support level. The overnight high-volume sell-off and bearish engulfing pattern at $4.95e-05 suggest a viable entry for a short bias. A trailing stop could be added as the price moves lower to lock in profits.