Market Overview: Shiba Inu/Yen (SHIBJPY) 24-Hour Candlestick Summary

Summary
• SHIBJPY opened at ¥0.001386 and closed at ¥0.001386 within the 24-hour period.
• A sharp decline and recovery were observed, with the low hitting ¥0.001295 and a late rally to ¥0.001401.
• Volume surged during the rebound phase, suggesting increased market activity.

Price Movement and Volatility

Over the past 24 hours, SHIBJPY experienced a dramatic intra-day decline from ¥0.001386 to as low as ¥0.001295, followed by a sharp recovery that pushed the pair as high as ¥0.001401. The session opened at ¥0.001386 and closed nearly unchanged at ¥0.001386. Total volume reached 5,546,695,146.0 over the period, with the highest volume spike occurring at ¥0.001359 during the recovery phase. This suggests strong participation during the rebound.

Key Support and Resistance Levels

The 24-hour chart highlights ¥0.001327 as a significant support level, where price found buying interest after a sharp selloff. A resistance level may be forming around ¥0.001394–¥0.001401, where price stalled after its late-day rebound. A potential bearish engulfing pattern is visible during the initial decline, and a bullish harami pattern may form during the rebound, hinting at short-term directional shifts.

Momentum and Volatility

Momentum indicators show mixed signals. The RSI (14) dropped below 30 during the decline, suggesting oversold conditions, but bounced back sharply after the recovery, indicating renewed interest. The MACD line crossed the signal line during the rebound, forming a potential bullish crossover. Bollinger Bands showed a period of contraction before the selloff, followed by a significant expansion during the recovery phase, confirming increased volatility.

Volume and Turnover Divergence

While volume surged during the recovery, price failed to maintain its high, forming a divergence that may hint at a potential reversal. The most notable spike in volume was seen at ¥0.001359 with a volume of 912,189,963.0. Notional turnover increased in line with volume, with no major divergences observed. This suggests the market may be consolidating after the rally.

Backtest Hypothesis

Given the observed price action and divergence in volume during the SHIBJPY recovery, a backtest could be conducted based on MACD bottom divergences—historical instances where the MACD formed a lower low while price did not. These events have historically preceded bullish reversals in smaller-cap cryptos. To proceed, we can either test a proxy symbol (e.g., SHIBUSDT converted to JPY), confirm the correct symbol, or provide specific MACD divergence dates for the backtest. A full backtest from 2022 to today will offer insights into the strategy’s profitability and risk-adjusted returns.

Looking ahead, SHIBJPY appears to be entering a phase of consolidation following its sharp rebound. A potential test of ¥0.001394–¥0.001401 resistance is likely, but investors should remain cautious as divergence in volume and price may suggest uncertainty in the move higher. Risk remains on the downside if support at ¥0.001327 breaks.