Market Overview for MyShell (SHELLUSDT)

• MyShell (SHELLUSDT) broke above 0.1450 on strong volume, forming a bullish engulfing pattern near the 0.1463 high.
• RSI reached 63 near the overbought threshold, signaling potential short-term exhaustion.
• Volatility expanded during the NY session as price tested Bollinger Band upper levels, with a 20-period MA crossing above the 50-period MA.
• Turnover increased during the 0.1463 peak, aligning with price action and confirming strength.
• 61.8% Fibonacci retracement at ~0.1444 acted as a key support level during a pullback.

Market Overview

MyShell (SHELLUSDT) opened at 0.1393 on 2025-08-23 12:00 ET and traded as high as 0.1591 before closing at 0.1392 on 2025-08-24 12:00 ET. Total volume reached 50.5 million, with $7,589.20 in turnover. Price action was marked by a strong push above 0.1450, followed by a retest of key support levels in the final hours.

Structure & Formations

The 15-minute chart displayed a bullish engulfing pattern near the 0.1463 high, suggesting a potential reversal from a downtrend to an uptrend. Key support levels identified included 0.1444 (61.8% Fib) and 0.1420 (38.2% Fib), both of which saw price consolidate during pullbacks. A long lower shadow at 0.1409 during the final candle suggested buyers stepped in near the 12:00 ET close.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period MA, forming a golden cross. The daily chart showed the price above the 50-period MA but below the 100 and 200-period MAs, indicating a mixed outlook between short-term bullishness and medium-term caution.

MACD & RSI

The MACD crossed into positive territory mid-session, aligning with the price breakout above 0.1450. RSI reached 63 near the overbought threshold during the 0.1463 high, indicating potential exhaustion and a possible pullback. A bearish divergence was not observed, but caution is warranted as RSI remains elevated.

Bollinger Bands

Volatility expanded sharply during the NY session, with the Bollinger Bands widening from a narrow contraction earlier in the day. Price traded near the upper band during the breakout, suggesting a possible overbought condition. A retest of the lower band occurred in the final hours, with price holding above 0.1402.

Volume & Turnover

Volume spiked during the 0.1463 high, with over 5 million contracts traded in that 15-minute window. Turnover also surged during this period, confirming the strength of the move. A divergence occurred in the final hours, with volume dropping as price declined from 0.1463 to 0.1392, suggesting potential bearish follow-through.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at ~0.1444 acted as a key support level during a pullback. Price also found support at the 38.2% level (~0.1420) during the final hours, indicating short-term buyers stepping in. The 0.1463 high is now a critical resistance level that may be retested in the next 24 hours.

Looking ahead, a close above 0.1463 could confirm a continuation of the bullish move, but overbought RSI levels and divergences in volume suggest caution. Traders should watch for a potential pullback to the 0.1444–0.1420 range for a potential reentry. Volatility may remain elevated, and sharp corrections could occur without warning.