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

• Shiba Inu/Tether (SHIBUSDT) closed 0.30% lower at $0.00000965 after a volatile 24-hour session.
• Price tested key support at $0.00000950 but failed to break below, forming a bullish hammer pattern near the session low.
• RSI entered oversold territory (<30) in the later hours, indicating potential short-term buying interest. • Volume spiked in the first 6 hours, but notional turnover declined as price consolidated toward the close. • Bollinger Bands widened mid-session, reflecting heightened volatility before a reversion to the mean.

Market Overview and Session Summary

Shiba Inu/Tether (SHIBUSDT) opened on 2025-11-02 at $0.00001004 and traded between $0.00000924 and $0.00001019 over the next 24 hours. The pair closed at $0.00000965, with total volume of 1.849 trillion tokens and a notional turnover of approximately $178.76 million. Price experienced choppy consolidation after an early attempt to break higher, with bearish pressure emerging after the 04:00 ET mark. A key support at $0.00000950 held firm as buyers re-entered the market toward the close.

Structure & Formations

Price action showed a bearish breakdown and subsequent bullish rejection at the $0.00000950 level, forming a bullish hammer near the close. A notable bearish engulfing pattern appeared at $0.00001004 on 2025-11-02 19:30 ET, signaling short-term bearish momentum. The session’s lowest low at $0.00000924 acted as a temporary floor, with price bouncing off it on three separate occasions. A 61.8% Fibonacci retracement of the initial $0.00001004–$0.00000924 swing resides at $0.00000963, close to the final close, indicating potential near-term consolidation.

Moving Averages

The 15-minute 20SMA and 50SMA showed a bearish crossover early in the session, reinforcing the initial downward momentum. By the end of the 24-hour period, the 50SMA caught up to the 20SMA, and the two lines showed signs of a potential golden cross, which could indicate a shift in sentiment. Daily moving averages suggest SHIBUSDT is still below its 50DMA, 100DMA, and 200DMA, but the 20DMA has crossed above the 50DMA, hinting at early bearish exhaustion.

MACD & RSI

The MACD line moved below the signal line early in the session, confirming bearish momentum. However, a positive divergence emerged in the latter half, as the MACD histogram expanded while the price remained below the 20DMA. The RSI fell to 29 in the last hour, entering oversold territory and suggesting a potential short-term rebound. While the RSI indicates oversold conditions, a reversal is not guaranteed without confirmation from volume or price.

Backtest Hypothesis

A potential backtest strategy could leverage RSI-based buy signals during oversold conditions (RSI < 30). The RSI has shown frequent oversold readings in recent days, making it a viable candidate for mean reversion strategies. However, a critical issue was encountered during the initial backtest attempt: the incorrect ticker symbol was used, likely causing the price data fetch error. The correct symbol for Shiba Inu in USDT is SHIBUSDT and typically refers to the pair on Binance (e.g., SHIBUSDT.BINANCE). Once the correct ticker is confirmed, the backtest can be rerun using historical price data aligned with the OHLCV dataset provided here, ensuring accurate signal generation and execution. This strategy would focus on 15-minute RSI divergence and Fibonacci retracement levels for entry and stop-loss placement.