Market Overview: Shiba Inu/Tether (SHIBUSDT) – 24-Hour Analysis

Summary
• Price tested support at $0.000008.50 and formed bearish engulfing patterns.
• Volume surged during the breakdown, confirming downward momentum.
• RSI and MACD show weakening bullish momentum and bearish divergence.
• Bollinger Bands indicate tightening volatility ahead of a possible breakout.
• Fibonacci levels at $0.000008.61 and $0.000008.44 mark key resistance and support.

Shiba Inu/Tether (SHIBUSDT) opened at $0.000008.93 at 12:00 ET − 1, hit a high of $0.000009.06, a low of $0.000008.35, and closed at $0.000008.56 at 12:00 ET. Total volume was $1,005,834,818, with a notional turnover of $849,798,232.

Structure & Formations

Price found temporary support at $0.000008.50, with bearish engulfing patterns appearing during the breakdown. A large bearish candle at 14:45 ET confirmed the $0.000008.50 support as a false breakout, signaling a potential continuation of the downtrend.

Moving Averages

The 5-minute 20-period and 50-period moving averages both closed below the 5-minute close at $0.000008.56, reinforcing the bearish bias. On the daily chart, the 50-period MA currently sits above the 200-period MA, indicating a mixed but neutral to bearish overall trend.

MACD & RSI

MACD turned negative during the final hours, with a bearish crossover suggesting continued selling pressure. RSI dipped to 34, signaling neutral momentum but no immediate oversold condition. A bearish divergence in RSI relative to price suggests further downside could be in play.

Bollinger Bands

Volatility remained elevated for much of the 24-hour period, with price fluctuating between the upper and lower bands. In the final hours, the bands tightened as price hovered near the lower boundary, suggesting a potential breakout could be imminent.

Volume & Turnover

Volume surged during the key breakdown at $0.000008.50, confirming the move lower. Turnover also peaked during this phase, aligning with price action. A divergence appears between volume and price in the last 30 minutes, which may signal a temporary pause or pullback in the near term.

Fibonacci Retracements

On the 5-minute chart, key Fibonacci levels at $0.000008.61 and $0.000008.44 may act as resistance and support, respectively. Daily Fibonacci levels are less pronounced due to the lack of a strong directional move over the last 24 hours.

Shiba Inu/Tether may continue testing $0.000008.44 in the next 24 hours if bearish momentum persists. However, a rebound could test the $0.000008.61 level if buyers step in. Investors should remain cautious about potential volatility, especially as Bollinger Bands tighten.