Market Overview for Shiba Inu/Tether (SHIBUSDT)

Summary
• Price declined from $7.19e-06 to $7.1e-06 before staging a modest recovery to close at $7.1e-06.
• High volatility seen in early trading with a 5-minute bearish engulfing pattern at key resistance.
• Volume spiked during the decline but failed to confirm a breakout above $7.19e-06.
• RSI hit oversold territory briefly, suggesting potential short-term bounce but lack of strong bullish momentum.
• Bollinger Bands showed moderate expansion, indicating a possible continuation of price consolidation.

Shiba Inu/Tether (SHIBUSDT) opened at $7.15e-06 on 2025-12-23 at 12:00 ET, reached a high of $7.29e-06, and closed at $7.1e-06 on 2025-12-24 at 12:00 ET. The low for the period was $7.01e-06. Total volume across the 24-hour window was approximately 304.2 billion SHIB, with notional turnover reaching ~$2.15 million.

Structure & Formations

Price tested key resistance at $7.19e-06 with a bearish engulfing pattern, which signaled a potential reversal. Later in the session, a bullish harami pattern emerged at $7.1e-06, suggesting a possible short-term bottom. Key support appears to have formed around $7.1e-06, while resistance remains contested above $7.19e-06.

Moving Averages

On the 5-minute chart, price spent much of the session below both the 20-period and 50-period moving averages, indicating a bearish bias. By the close, the 50-period line began to catch price, hinting at a possible pullback. Daily moving averages show a similar bearish alignment, with the 200-period line acting as a distant barrier.

MACD & RSI

The MACD showed bearish divergence during the initial decline, with negative momentum growing stronger. RSI briefly dipped below 30 during the session, suggesting an oversold condition, but failed to trigger a strong reversal. Momentum has since stabilized, but remains neutral without a clear breakout.

Bollinger Bands

Bollinger Bands expanded during the volatile morning session, with price touching the upper and lower bands multiple times. Price has since retreated to the mid-band, signaling a return to consolidation. A potential breakout to either side could confirm directional bias, but for now, the range-bound trend persists.

Volume & Turnover

Volume surged during the sharp decline in early trading, confirming bearish sentiment. However, volume dropped off during the recovery, suggesting limited buying interest. Turnover moved in line with volume, with the largest spikes observed during the $7.25e-06 peak and the $7.1e-06 bottom.

Fibonacci Retracements

Applying Fibonacci retracement levels to the swing high at $7.29e-06 and the low at $7.01e-06, key levels include $7.19e-06 (38.2%) and $7.14e-06 (61.8%). Price has bounced off the 61.8% level multiple times, making it a probable area of near-term consolidation.

Looking ahead, a sustained move above $7.19e-06 could signal a retest of the $7.25e-06 high, while a breakdown below $7.1e-06 could extend the decline toward $7.03e-06. Traders should remain cautious about the potential for increased volatility if volume rises sharply.