Market Overview: Shiba Inu/Yen (SHIBJPY) Faces Sharp 24-Hour Slide

Summary
• Price dropped from 0.001309 to 0.001275 on a bearish breakdown below key support.
• MACD signaled bearish momentum, confirmed by declining RSI nearing oversold territory.
• Volatility spiked during breakdown, with 122.4 million units traded at 0.001274.
• Bollinger Bands widened as price gapped below lower band, suggesting heightened selling pressure.
• Fibonacci levels suggest potential bounce near 0.001277–0.001280, but bearish continuation remains likely.

Shiba Inu/Yen (SHIBJPY) opened at 0.001305 on December 13, 12:00 ET, reaching a high of 0.001309 and falling to a low of 0.001274 before closing at 0.001275 on December 14, 12:00 ET. Total volume traded was 224.6 million units, with a notional turnover of approximately ¥292.1 million over the 24-hour window.

Structure & Formations

Price formed a bearish breakdown below the 0.001302–0.001305 support level on the 5-minute chart, confirmed by a long-bodied bearish candle at 0.001302 and a subsequent gap down to 0.001274. A strong bearish engulfing pattern appeared at 0.001302, signaling a shift in momentum. Key resistance appears to be at 0.001305–0.001309, while support is forming around 0.001275–0.001280.

Moving Averages and Momentum Indicators

On the 5-minute chart, the 20-period and 50-period moving averages have diverged significantly, with price breaking below both to signal bearish continuation. The MACD crossed into negative territory with a bearish crossover, while RSI has declined to 28, approaching oversold territory. These indicators suggest a short-term reversal may be possible but remain in a bearish trend.

Volatility and Bollinger Bands

Bollinger Bands widened as volatility increased following the breakdown. Price gapped below the lower band at 0.001274, indicating strong short-term selling pressure. The widening bands also suggest an accumulation of short-term uncertainty.

Volume and Turnover

Volume spiked significantly during the breakdown at 0.001302 and again at 0.001274, where

122.4 million units traded at 0.001274. Turnover at that level reached approximately ¥161.6 million, confirming the move lower. A divergence between declining price and volume was not observed, suggesting the move is broadly supported.

Fibonacci Retracements

Applying Fibonacci levels to the most recent 5-minute swing from 0.001309 to 0.001274, the 38.2% retracement level is at 0.001291 and the 61.8% level at 0.001280. Price appears to be consolidating near 0.001275, slightly below the 61.8% level. These levels may act as potential bounce zones if buying pressure emerges, but the overall trend remains bearish.

Over the next 24 hours, SHIBJPY may test the 0.001275 support level for consolidation before a possible rebound or further bearish movement. Investors should remain cautious as volatility remains high and key support levels are in focus.