Market Overview: Shiba Inu/Tether (SHIBUSDT) – 24-Hour Technical Snapshot

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• SHIBUSDT broke below a key support of $0.0000129 and tested $0.00001277.
• Volume spiked 18x at 23:30 ET, confirming a sharp selloff.
• RSI signaled oversold conditions, but price failed to rebound above $0.00001285.
• Bollinger Bands narrowed before the break, suggesting elevated volatility.
• MACD turned negative mid-day, hinting at bearish momentum.

Shiba Inu/Tether (SHIBUSDT) opened at $0.00001290 at 12:00 ET on September 19, hit a high of $0.00001299, and a low of $0.00001277 before closing at $0.00001290 at 12:00 ET on September 20. The pair traded with a total volume of 1.97e+13 tokens and a notional turnover of $2,555 (based on weighted average price), indicating moderate but volatile trading activity.

Structure and formations showed a clear breakdown from a key support level at $0.00001295, with price testing the 1.618% Fibonacci extension of the previous day’s rally. A large bearish engulfing pattern formed at 23:30 ET following a sharp volume spike, confirming the short-term bearish bias. The low at $0.00001277 also represents a significant psychological and Fibonacci level, raising the possibility of further downside.

Moving averages on the 15-minute chart saw the price close below the 20-period and 50-period SMAs, reinforcing the bearish tilt. The 50-period EMA crossed below the 100-period EMA during the selloff, a bearish divergence. On the daily chart, the 50/100/200-day SMAs remain broadly aligned, but the short-term momentum shift could lead to a temporary correction.

MACD turned negative during the mid-day selloff, with the histogram expanding, confirming bearish momentum. RSI dipped into oversold territory below 30 around $0.00001280, but a rebound failed to confirm strong buying interest. Bollinger Bands were in a tight range earlier in the day, suggesting a potential breakout that was confirmed to the downside.

Volume and turnover data showed a sharp increase during the breakdown at 23:30 ET, with volume spiking 18x the average 15-minute level. This confirmed the validity of the move. However, the subsequent recovery failed to attract matching volume, suggesting limited buyer participation. The divergence between price and volume during the recovery phase is a bearish sign.

Fibonacci retracements on the 15-minute chart aligned with key psychological levels, with the 61.8% retracement at $0.00001283 and the 78.6% at $0.00001277. The breakdown confirmed the 127.2% extension as resistance, with price now likely to test the 100% Fibonacci level if the downtrend continues. Daily Fibonacci levels suggest a possible retest of $0.00001285 if buyers step in.