Market Overview: Shiba Inu/Yen (SHIBJPY) Daily Candlestick Summary

• SHIBJPY opened at 0.001784 and closed at 0.001806 over 24 hours, with a high of 0.001815 and low of 0.001768.
• A notable bearish rejection occurred at 0.001797 around 09:00 ET, followed by a recovery and bullish consolidation.
• RSI briefly entered overbought territory, while volume surged during key breakouts above 0.001800.
• Volatility expanded in the final hours, with price retesting the 0.001815 resistance level.
• Turnover reached 424.6 million at 07:30 ET, confirming strength near key support and resistance zones.

Shiba Inu/Yen (SHIBJPY) opened at 0.001784 on 2025-09-22 at 12:00 ET and closed at 0.001806 on 2025-09-23 at 12:00 ET, with a 24-hour high of 0.001815 and low of 0.001768. Total volume for the period was 2,670,435,788 units, with a notional turnover of approximately ¥489.6 million, reflecting heightened market activity during key price movements.

Structure & Formations

Price traced a distinct V-shaped recovery from a low of 0.001768 at 20:00 ET to a high of 0.001815 at 07:30 ET. A bullish engulfing pattern appeared at 0.001800 between 06:00 and 06:30 ET, followed by a doji at 0.001815 at 07:45 ET, suggesting indecision. Key support was identified at 0.001780–0.001774, while resistance levels formed at 0.001804–0.001806 and 0.001811–0.001813.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages trended upward, with price staying above both for most of the session. The 50-period MA crossed above the 20-period MA in the early morning, suggesting bullish momentum. On the daily chart, the 50-period MA approached the 200-period MA, signaling potential consolidation or a breakout scenario.

MACD & RSI

The MACD line crossed above the signal line at 04:00 ET and remained positive for the remainder of the session, indicating sustained bullish momentum. RSI reached a peak of 68 near 0.001815, entering overbought territory, but did not exceed 70, suggesting moderate buying interest. A bearish divergence was noted between price and RSI at 11:30 ET, hinting at possible consolidation or a correction.

Bollinger Bands

Volatility expanded as price moved from the lower band (0.001768) to near the upper band (0.001815). A contraction in the Bollinger Bands occurred between 22:00 and 04:00 ET, followed by a breakout. Price remained within the bands for much of the session, indicating a structured move with defined risk levels. The 20-period standard deviation remained stable, reflecting consistent volatility.

Volume & Turnover

Volume surged above average levels at key price junctures, particularly during the recovery from 0.001780 and the breakout above 0.001800. Turnover spiked to 424.6 million at 07:30 ET, aligning with the high of 0.001815. A divergence occurred between rising price and declining volume at 10:00 ET, which may signal weakening momentum.

Fibonacci Retracements

A 24-hour swing from 0.001768 to 0.001815 defined key Fibonacci levels. Price retested the 0.001807 (38.2%) and 0.001813 (61.8%) levels twice, with the 61.8% level acting as temporary resistance before a final test at 0.001815. On the 15-minute chart, a retracement from 0.001806 to 0.001792 highlighted critical support near 0.001796.

Backtest Hypothesis

A potential strategy could involve entering long positions on the breakout above the 0.001800 level, confirmed by a bullish engulfing pattern and rising MACD. Stop-loss levels could be placed at 0.001794, while take-profit targets could aim for the 0.001813 and 0.001815 resistance levels. This approach could be backtested using the 15-minute OHLCV data to evaluate win rate and risk-reward ratios, particularly focusing on volume and RSI as filtering indicators.