Market Overview: Shiba Inu/Dogecoin (SHIBDOGE) 24-Hour Analysis

• SHIBDOGE traded lower at 4.77e-05, down from 4.9e-05, amid declining volume and bearish momentum.
• RSI and MACD signal bearish divergence, with price near the 20-period MA on the 15-min chart.
• Key support at 4.75e-05 and resistance at 4.85e-05 defined the 24-hour range with tight Bollinger Bands.
• High-volume bearish breakdown at 4.85e-05 occurred in early evening ET, coinciding with a negative close.
• Volatility increased midday but failed to spark a recovery, indicating weak short-term conviction.

Shiba Inu/Dogecoin (SHIBDOGE) opened at 4.88e-05 on 2025-09-17 and reached a high of 4.96e-05 before closing at 4.77e-05 on 2025-09-18. The pair traded within a range of 4.7e-05 to 4.96e-05, with total volume of 1.82 billion and turnover of $87.9 million. Price action showed bearish bias, with a breakdown below key support at 4.85e-05 and a lack of follow-through buying.

Structure & Formations

Price formed several bearish candlestick formations, including a hanging man at 4.9e-05 and a large bearish engulfing pattern at 4.85e-05. Key support levels at 4.85e-05 and 4.75e-05 were tested multiple times, with the 4.75e-05 level currently acting as a short-term floor. A doji at 4.8e-05 suggested indecision, but volume confirmed the bearish move. The 20-period MA on the 15-min chart is at 4.84e-05, indicating a possible near-term reversal if price breaks above it.

Moving Averages

On the 15-minute chart, the 20-period MA is at 4.84e-05 and the 50-period MA at 4.85e-05, with price below both, signaling bearish momentum. On the daily chart, the 50-period MA is at 4.86e-05 and the 200-period MA at 4.82e-05, with price currently below the 50 MA but above the 200 MA. This suggests a possible divergence and a potential for consolidation or a short-term bounce off the 4.75e-05 level.

MACD & RSI

The MACD has been negative for the majority of the 24-hour period, with a bearish crossover in late evening ET confirming the breakdown below 4.85e-05. RSI has been trending lower, hitting a 24-hour low of 38.2, indicating bearish momentum. While not yet oversold, the RSI has shown divergence from the price, with a possible oversold reading likely if the 4.75e-05 level is tested further.

Bollinger Bands

Bollinger Bands expanded significantly during the morning hours as volatility increased but have since contracted, indicating a period of consolidation. Price is currently near the lower band, at 4.77e-05, suggesting potential for a retest of the 4.75e-05 support level. A break below this level could see price fall toward the 4.72e-05 level, with a potential for further bearish action if the 20-period MA fails to hold.

Volume & Turnover

Volume spiked in the late evening hours, coinciding with the breakdown below 4.85e-05 and the move toward 4.77e-05. Notional turnover increased from $1.2 million to $4.3 million in this period, confirming the bearish move. However, volume has since declined, suggesting weak conviction in the lower levels. No significant divergence between price and volume was observed, though further volume confirmation will be needed for a sustainable move lower.

Fibonacci Retracements

Fibonacci retracement levels on the 15-minute swing from 4.96e-05 to 4.72e-05 show the 38.2% level at 4.85e-05 and the 61.8% level at 4.81e-05. Price tested the 38.2% level multiple times but failed to retrace above it, reinforcing bearish bias. The 61.8% level is currently being approached, with a breakdown below it likely to open the door to the 4.75e-05 support level.

Backtest Hypothesis

Given the recent bearish structure and confirmed breakdown, a potential backtest strategy could focus on shorting SHIBDOGE on a close below the 4.85e-05 level with a stop above the 4.87e-05 resistance. A target of 4.75e-05 could serve as the first short-term goal, with a secondary target at 4.72e-05 if the 4.75e-05 level holds. This approach would align with the identified Fibonacci levels and the bearish divergence in RSI and MACD. If the 20-period MA at 4.84e-05 holds as resistance, the strategy could also incorporate a long bias if price retests the level from below.