Market Overview for Shiba Inu/Tether (SHIBUSDT)

Summary
• Price declined from 8.5e-06 to 8.46e-06, with bearish momentum intensifying post-18:00 ET.
• Key support tested at 8.35e-06, with a 38.2% Fib level offering short-term relevance.
• Turnover surged 30% during the 15:30–16:00 ET session, signaling heightened bearish activity.

Market Overview

Shiba Inu/Tether (SHIBUSDT) opened at 8.45e-06 at 12:00 ET - 1, hit a high of 8.53e-06, fell to a low of 8.17e-06, and closed at 8.46e-06 by 12:00 ET. Total volume reached 5.83e+11, with turnover at 4.78e+06.

Price Action and Structure

The 24-hour chart shows a sharp breakdown from 8.5e-06, with key support levels tested at 8.4e-06 and 8.35e-06. A bearish engulfing pattern formed near 8.48e-06, followed by a long bearish tail at 8.42e-06. Resistance is forming near 8.5e-06, with a potential bounce point at 8.53e-06 from earlier highs.

Trend and Moving Averages

On the 5-minute chart, price broke below the 20 and 50-period moving averages, confirming a short-term bearish shift. Daily averages (50, 100, and 200) suggest further downward bias unless a strong reversal forms above 8.5e-06.

Momentum and Volatility

The RSI dropped into oversold territory below 30 after 16:00 ET, indicating potential for a short-term bounce. MACD turned negative and remained bearish, with the histogram diverging downward. Volatility spiked during the 15:30–16:45 ET period, with Bollinger Bands widening as price tested the lower band at 8.2e-06.

Volume and Turnover Analysis

Volume surged during the breakdown from 8.48e-06, peaking at 3.92e+10 on the 15:30 ET candle. Turnover diverged slightly with price near 8.4e-06, suggesting weakening conviction. A volume spike at 8.35e-06 may hint at deeper support activity, though further tests could trigger renewed bearishness.

Fibonacci Retracement Levels

From the high of 8.53e-06 to the low of 8.17e-06, key Fibonacci levels include 8.46e-06 (38.2%), 8.36e-06 (50%), and 8.26e-06 (61.8%). Price currently resides near the 38.2% level, which may serve as a short-term pivot.

Forward-Looking View and Risk Consideration
Price may test the 8.35e-06 support level with increased volume, though a rebound above 8.48e-06 could signal a short-covering rally. Traders should remain cautious of further downside volatility or a bullish reversal if buying interest emerges near the 38.2% Fib level.