Market Overview for Shiba Inu/Tether (SHIBUSDT)

Summary
• Price declined from 8.66e-06 to 8.58e-06, forming bearish engulfing patterns in the early session.
• Momentum shifted with increasing RSI divergence and volume surges during late ET hours.
• Volatility expanded post 16:00 ET, with price breaking above a prior 5-minute resistance at 8.8e-06.
• Key support confirmed at 8.58e-06, with 8.5e-06 indicating potential for further pullback.
• Turnover spiked 50% in the final 4.5 hours, suggesting accumulation or distribution at higher levels.

Shiba Inu/Tether (SHIBUSDT) opened at 8.58e-06 and traded between 8.37e-06 and 8.66e-06 over the past 24 hours, closing at 8.58e-06 at 12:00 ET. Total notional turnover amounted to approximately $4.2 million on a volume of 410.58 billion SHIB, showing uneven momentum across 5-minute intervals.

Structure and Key Levels

Price action developed a bearish bias in the early session with a strong 5-minute bearish engulfing pattern at 8.58e-06. A multi-hour consolidation phase followed, with 8.5e-06 and 8.4e-06 acting as key supports, before a late rally pushed price above 8.8e-06. The 8.8e-06 level appears to be a critical resistance, now broken, suggesting potential for a test of 8.86e-06.

Volatility and Momentum

Bollinger Bands showed a noticeable expansion during the final 6 hours, indicating rising volatility. RSI reached overbought territory near 70 in the final hour, suggesting potential resistance at 8.86e-06. Momentum appears to be building, particularly after 16:00 ET, with volume increasing sharply.

Volume and Turnover

Turnover spiked in the final 4.5 hours, especially after 16:00 ET, when price surged above 8.8e-06. This volume confirmed the break and may indicate accumulation. Divergence between price and turnover was minimal, with volume supporting the move higher.

Forward Outlook

Price may continue testing 8.86e-06 in the next 24 hours, with 8.8e-06 acting as near-term support. A break above 8.86e-06 could signal a broader bullish shift, while a reversal back to 8.5e-06 would suggest a potential retest of the support zone.

Investors should remain cautious of rapid retracements following overbought RSI readings.