Market Overview for Shiba Inu/Dogecoin (SHIBDOGE)

• Price remains in a tight consolidation range, with minimal directional bias observed in 15-minute candles.
• RSI shows no overbought or oversold signals, indicating balanced buying and selling pressure.
• Volatility dipped toward the end of the period, with Bollinger Bands contracting slightly.
• Notable volume spikes occurred during key price retracements and breakouts.
• Fibonacci retracement levels at 38.2% and 61.8% appear to coincide with minor support/resistance areas.

The 24-hour candle for SHIBDOGE opened at $0.0000495 at 12:00 ET − 1 and closed at $0.0000493 at 12:00 ET. During the period, it reached a high of $0.0000499 and a low of $0.0000481. The total volume traded was 1.58 billion units, while the notional turnover (amount) was approximately $75.8 million. The price action suggests a bearish bias, especially during late trading hours.

Price appears to have formed a series of doji and spinning top candles during key consolidation periods, particularly between 04:00 and 06:00 ET, signaling indecision among traders. A notable engulfing pattern occurred at $0.0000498 near 10:15 ET, which pushed price higher but failed to hold the level, indicating potential resistance. The 20-period and 50-period moving averages on the 15-minute chart are closely aligned, with price fluctuating just above the 20-period line.

The RSI remained within the neutral range (35–65), with no overbought or oversold signals, suggesting a balanced market. MACD showed a weak positive divergence early in the day but reversed into a negative crossover by midday, aligning with the bearish close. Bollinger Bands experienced a contraction in the morning, signaling a potential lull in volatility, followed by a minor expansion after the 10:00 ET breakout.

Fibonacci retracement levels based on the key swing high at $0.0000499 and swing low at $0.0000481 highlighted $0.0000495 (38.2%) and $0.0000488 (61.8%) as potential support/resistance areas. The price action appeared to test these levels multiple times, with mixed results. Volume surged during retracement phases but declined during consolidation, suggesting waning conviction.

The backtesting strategy focuses on using the 50-period EMA on the 15-minute chart as a dynamic bias filter. Long entries would be triggered on bullish engulfing or morning star patterns forming near the 38.2% Fibonacci retracement level, with stop-loss placed below the nearest support level. Short entries would occur on bearish harami or evening star patterns forming near the 61.8% level, with stops above the nearest resistance. The strategy assumes a range-bound market and would close positions on a breakout of the Bollinger Band envelope or a MACD crossover above 0.