Market Overview for Shiba Inu/Dogecoin (SHIBDOGE)

• Price dipped intraday to 5.21e-05, rebounding to close near 5.25e-05, with mixed volume flow.
• RSI and MACD indicated waning momentum, with RSI hovering below 50.
• Bollinger Bands showed moderate volatility, with price near the lower band for several hours.
• Volume spiked during the early morning ET selloff, with no clear reversal sign.
• 61.8% Fibonacci level at 5.27e-05 acted as temporary resistance late in the session.

At 12:00 ET on September 10, Shiba Inu/Dogecoin (SHIBDOGE) opened at 5.34e-05, surged to a high of 5.39e-05, and declined to a low of 5.18e-05 before closing at 5.25e-05. Total volume for the 24-hour period reached 2,180,237,849.0, while notional turnover amounted to approximately 111,659.0 (5.25e-05 × 2.12e+06 average price).

Structure & Formations

Price action showed a bearish bias during the overnight hours, breaking key intraday support levels around 5.23e-05 and 5.21e-05. A bullish reversal was attempted around the 5.22e-05 support zone, but it remained unconfirmed. A long-bodied bearish candle at 03:30 ET (5.28e-05 to 5.22e-05) signaled distribution. Later, a bearish engulfing pattern formed around 09:30–09:45 ET as price moved from 5.28e-05 to 5.25e-05. The session ended with a moderately bullish candle, but its closing near the open suggested indecision.

Moving Averages and Indicators

The 15-minute chart saw price oscillating around the 20-period moving average (MA) for most of the session, while the 50-period MA provided a dynamic resistance. The 50-period MA for the daily chart crossed above the 200-period MA in the prior week, suggesting a potentially bullish trend, though recent price action has weakened this signal.

MACD showed a bearish divergence as price hit the low of 5.18e-05 but failed to see a corresponding bearish crossover, indicating weak bearish conviction. RSI remained below 50 throughout the session and even dipped to 38 during the overnight low, suggesting oversold conditions but without a clear reversal.

Bollinger Bands and Volatility

Bollinger Bands showed a contraction during the midday hours (ET) before expanding again with the selloff at 03:30–04:30 ET. Price spent much of the session near or slightly below the lower band, suggesting a high volatility period. A strong breakout above the upper band would signal renewed bullish momentum, but this appears unlikely in the near term.

Volume and Turnover

Volume spiked during the overnight selloff, especially around the 03:30–04:45 ET period, with a volume of over 185 million and 346 million respectively. However, price failed to break the 5.23e-05 level on this volume, suggesting a lack of conviction from large traders. Turnover increased during these hours, indicating increased selling pressure, but buying interest picked up slightly in the afternoon and evening as price stabilized around the 5.24e-05–5.26e-05 range.

Fibonacci Retracements

The 15-minute Fibonacci retracement levels of the major 5.39e-05 to 5.18e-05 swing identified the 61.8% level at 5.27e-05 as a potential resistance. Price approached this level twice in the latter half of the session but failed to break through. The 38.2% level at 5.24e-05 acted as a key support during the afternoon, holding the price from a further decline.

Backtest Hypothesis

A backtest strategy could be designed using the identified 61.8% Fibonacci and 50-period moving average as dynamic entries. A long bias may be triggered if price breaks above 5.27e-05 with a close above it, confirmed by a rising RSI and MACD crossover above the signal line. A stop loss could be placed at 5.21e-05. Given the recent volatility and volume patterns, this setup could be tested on daily data over the past 30 days to assess risk/reward ratios and win rate. This aligns with the observed price behavior, where key retracement levels and moving averages played a decisive role.