Market Overview for Shiba Inu/Yen (SHIBJPY)

• SHIBJPY closed lower at 0.00154 after a volatile 24-hour session marked by a sharp midday decline.
• A large-volume bearish reversal candle formed near 0.00158, signaling potential downward momentum.
• Volatility expanded significantly during the Asian session, with trading ranges contracting toward the end.
• Price tested key Fibonacci levels at 0.001538 and 0.001552, suggesting possible support zones.
• Turnover surged during the 18:45–19:00 ET window, coinciding with a sharp drop to 0.001567.

Shiba Inu/Yen (SHIBJPY) opened at 0.001553 on 2025-10-29 12:00 ET, touched a high of 0.001583, and a low of 0.001509 before closing at 0.00154 on 2025-10-30 12:00 ET. The 24-hour volume reached 1.626 billion units, while the notional turnover totaled approximately $2.34M (based on SHIBJPY exchange rates).

The session was marked by a distinct bearish shift starting around 18:45 ET, with a massive volume spike of 3.86 billion SHIB moving the price from 0.001578 to 0.001542 in a single 15-minute candle. This candle, a bearish engulfing pattern, suggests strong selling pressure. Subsequent consolidation near 0.00155–0.001565 indicated a temporary tug-of-war between buyers and sellers, but bearish momentum prevailed toward the close.

Key support levels were identified around 0.001538 and 0.001552, with the latter acting as a minor resistance-turned-support after multiple tests. On the 15-minute chart, the 20-period moving average dipped below the 50-period line, indicating a potential shift to bearish bias. Volatility, as measured by Bollinger Bands, was wide during the Asian and European sessions before narrowing late in the day, hinting at an end to the selloff.

Fibonacci retracement levels for the 18:45–20:45 ET swing showed 0.001538 (38.2%) and 0.001529 (61.8%) as potential support zones. The RSI-14 for the 15-minute chart approached oversold territory near the end of the session, suggesting a potential rebound may be on the horizon.

The recent price action suggests SHIBJPY could face near-term support around 0.001538–0.00154, with the possibility of a rebound if buyers step in. However, sustained volume and pressure above 0.001552 could trigger further consolidation or renewed bearish momentum. Traders should remain cautious, as volatility remains elevated and liquidity could shift quickly in either direction.

Backtest Hypothesis
To evaluate potential trading opportunities in SHIBJPY, a backtesting strategy could be designed using RSI-14 as a momentum filter. By entering long positions when RSI-14 crosses above 30 (oversold level) and exiting when it crosses below 70 (overbought level), we can test the strategy’s effectiveness over the past three years. If the RSI-14 series for SHIBJPY is successfully retrieved and the oversold conditions are clearly defined, a backtest can be executed to evaluate the frequency and profitability of these signals. The results could guide a more refined short-term trading approach for investors.