Market Overview for Shiba Inu/Yen (SHIBJPY)

Summary
• Price action shows a bearish breakout with key support at 0.001215 under pressure.
• Volume spiked during the 23:45–00:00 ET window, confirming downward momentum.
• RSI is in oversold territory, suggesting potential short-term bounce may be ahead.
• Bollinger Bands show narrowing volatility before recent sharp decline.
• No strong bullish candlestick patterns formed, but a bearish engulfing pattern is visible near 0.001219.

Market Overview

Shiba Inu/Yen (SHIBJPY) opened at 0.001229 on 2025-12-16 12:00 ET, reached a high of 0.001248, and closed at 0.001233 by 12:00 ET on 2025-12-17. Total volume for the 24-hour period was 1,042,068,969.0 SHIB, with a notional turnover of approximately ¥1,283,808.

Structure & Formations

Price action formed a clear bearish bias from the 23:45 ET window, with a bearish engulfing pattern at 0.001219 confirming the shift. Resistance levels emerged at 0.001223 and 0.001229, both of which were retested but failed to hold. Support at 0.001215 appears critical, as price has repeatedly tested this level but not yet broken below it.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages are aligned in a downtrend, reinforcing the bearish momentum. On the daily chart, SHIBJPY appears to be trading below the 50-period, 100-period, and 200-period moving averages, indicating a continuation of a longer-term bearish trend.

MACD & RSI

The MACD showed a bearish crossover in the 23:45–00:00 ET window and remained in negative territory, suggesting sustained selling pressure. RSI is currently in oversold territory, hinting that a short-term bounce may be possible if buyers step in near 0.001215.

Bollinger Bands

Volatility was relatively low for much of the 24-hour period, with price consolidating within a narrow Bollinger Band range. The recent sharp drop has widened the bands, with the current price sitting near the lower band, suggesting potential for a rebound or continuation of the trend.

Volume & Turnover

A sharp spike in volume occurred between 23:45 ET and 00:00 ET, aligning with the initial leg down from 0.001229 to 0.001215. Turnover surged during the same period, indicating strong conviction in the bearish move. No significant divergence between price and volume was observed.

Fibonacci Retracements

Applying Fibonacci levels to the recent 5-minute swing from 0.001229 to 0.001215, the 38.2% retracement is at 0.001223, and the 61.8% is at 0.001219 — both of which were tested and rejected. On the daily chart, the 61.8% retracement of the broader move is near 0.001215, aligning with current price levels and suggesting a potential key area for the next 24 hours.

The market appears to be in a bearish phase, with strong selling pressure confirmed by volume and bearish candlestick patterns. While RSI in oversold territory may hint at a potential rebound, the continuation of a larger downtrend remains possible. Investors should closely monitor the 0.001215 support level and watch for signs of divergence or a break below that level for increased risk exposure.