Market Overview for Shiba Inu/Tether (SHIBUSDT)

Summary
• Price dipped below key support at $8.85e-6, triggering bearish momentum into the session close.
• Volume surged over $60B at the session low, confirming bearish sentiment despite minimal price extension.
• RSI oversold territory at 26 suggests potential for a rebound, though momentum remains weak.
• Bollinger Band contraction at 12:00 ET indicates possible volatility expansion in the near term.
• A bullish engulfing pattern at 00:30 ET failed to hold, signaling ongoing bearish pressure.

Market Overview

Shiba Inu/Tether (SHIBUSDT) opened at $8.94e-6 at 12:00 ET–1, reached a high of $9.05e-6, dropped to a low of $8.47e-6, and closed at $8.52e-6 at 12:00 ET. Total 24-hour volume amounted to 462.6 billion tokens, with a notional turnover of approximately $393.3 million.

Structure and Candlestick Patterns

Price action displayed a bearish breakdown below the $8.85e-6 support, confirmed by the 19:45 candle that closed at $8.86e-6. A failed bullish engulfing pattern at 00:30 ET was followed by a prolonged bearish phase, with a potential 61.8% Fibonacci retracement level at $8.48e-6 currently acting as a potential floor.

Moving Averages and Momentum

On the 5-minute chart, price settled below both the 20 and 50-period moving averages, reinforcing the bearish bias. . The 20-period MA dipped below $8.87e-6 by 12:00 ET, indicating continued short-term weakness. On the daily chart, price remains below the 200-period MA, but a rebound into the 50–100 MA corridor may offer near-term buyers an entry point.

The RSI at 26 implies oversold conditions, though momentum remains weak. MACD crossed below the signal line, with a bearish divergence forming as the price extended lower without significant acceleration in momentum.

Volatility and Bollinger Bands

Bollinger Bands showed a slight contraction at 12:00 ET, suggesting a potential for increased volatility. Price settled near the lower band at $8.52e-6, reinforcing bearish bias. The widening bands after 16:00 ET indicate a resumption of volatility as buyers have yet to step in above key resistance levels.

Volume and Turnover Analysis

Volume spiked at $8.85e-6, reaching over $60 billion at 20:30 ET, confirming the bearish breakdown. A divergence between declining price and mixed volume patterns suggests limited conviction among sellers. However, a sharp drop in turnover after 06:00 ET points to waning interest and potential exhaustion in the bearish move.

Forward-Looking Outlook

A rebound into the $8.60e-6–$8.70e-6 range is possible over the next 24 hours as the RSI moves into oversold territory. However, a retest of the $8.48e-6 Fibonacci level could trigger further declines if short-term buyers fail to step in. Investors should remain cautious about volatility expansion and avoid overcommitting to short-term longs without a clear reversal confirmation.