Market Overview for Shiba Inu/Yen (SHIBJPY): 24-Hour Technical Analysis

Summary• SHIBJPY rallied strongly overnight, reaching a high of ¥0.001434 and closing near ¥0.001431 at 12:00 ET.
• Momentum remains bullish with a 15-minute RSI near overbought levels and positive MACD divergence.
• Volatility expanded as price moved well above Bollinger Bands, reflecting increased buying pressure.
• Volume surged sharply in late-night sessions, confirming the upward trend.
• A key support area appears to be forming around ¥0.001385, while resistance may be near ¥0.001430–0.001434.

Shiba Inu/Yen (SHIBJPY) opened at ¥0.001362 on 2025-11-06 at 12:00 ET, surged to ¥0.001434, and closed at ¥0.001431 by 12:00 ET on 2025-11-07. Total volume for the 24-hour period reached 3.158 billion SHIB, while notional turnover amounted to approximately ¥4.5 million, indicating robust short-term interest.

Over the 24-hour period, SHIBJPY displayed a strong bullish bias, particularly after 1:00 AM ET when the price broke above ¥0.001403 and continued to climb, forming multiple bullish candlestick formations including a Bullish Engulfing and a Hammer pattern around ¥0.001393. The price has remained above both the 20- and 50-period moving averages on the 15-minute chart, reinforcing the current upward trend. On a broader time frame, the 50-period MA appears to be catching the price from below, suggesting possible momentum continuation.

Momentum indicators align with the price action. The 12/26 MACD is in positive territory with a strong histogram divergence, while the 14-period RSI is currently above 70, signaling overbought conditions. However, this overbought reading has not triggered a reversal, implying continued buying pressure. Bollinger Bands reflect heightened volatility, with the price well above the upper band since early morning. This volatility expansion is often a precursor to consolidation or a breakout in the dominant direction.

Fibonacci retracements of the recent 15-minute swing from ¥0.001371 to ¥0.001434 indicate that SHIBJPY is trading near the 61.8% level. If this level holds, a retest of the ¥0.001405–0.001410 zone could follow. A break above ¥0.001434 would target the ¥0.001440–0.001445 range. On the downside, a close below ¥0.001403 could trigger a retest of the ¥0.001385 support level. Investors should watch for any divergence in RSI or a breakdown of the 50-period MA as potential early signals of a reversal.

Given the strong bullish momentum and key technical confirmations, SHIBJPY may continue to trend higher in the short term. However, investors should remain cautious of a potential pullback following the overbought RSI and expanding volatility. A break above ¥0.001434 could invite further buying, but failure to hold ¥0.001403 would signal increased risk.

Backtest Hypothesis

A potential backtest strategy would focus on identifying Bullish Engulfing patterns on the 15-minute chart—particularly when they appear above the 50-period MA and are confirmed by strong volume spikes and a rising RSI. A long entry would be triggered on the close of the engulfing candle, with a stop-loss placed just below the pattern’s low and a take-profit target set at the next resistance level or the 61.8% Fibonacci extension of the recent swing. Given the recent price behavior, SHIBJPY appears to be in a favorable environment for such a strategy, provided it can maintain its position above ¥0.001403. If the engulfing pattern is confirmed with increasing volume and momentum, the reward-to-risk ratio could be attractive.