Market Overview for Shiba Inu/Yen (SHIBJPY): Strong Bullish Momentum and Potential Retracement

Summary
• SHIBJPY rose from 0.001259 to 0.001318 amid strong volume-driven bullish momentum.
• A bullish engulfing pattern formed near 0.001281 with confirmation in the following sessions.
• RSI shows moderate overbought conditions, suggesting potential pullback risk.
• Volatility expanded as price broke through key resistance at 0.001306–0.001309.
• Bollinger Bands show price near the upper band, indicating elevated bullish pressure.

Shiba Inu/Yen (SHIBJPY) opened at 0.001259 on 2025-12-12 at 12:00 ET, surged to a high of 0.001318, and closed at 0.001308 by 12:00 ET on 2025-12-13. Total volume for the 24-hour period reached approximately 559,735,000 units, translating to a turnover of roughly $720,849 at average rates.

Structure & Formations

A bullish engulfing pattern emerged around 0.001281 as price surged from 0.001278 to 0.001285, followed by a strong continuation to 0.001308. This pattern, occurring on high volume, appears to have confirmed a shift in short-term sentiment.

Fibonacci retracement levels indicate key support at 0.001279 and resistance at 0.001309, both of which were tested and confirmed as significant pivot points.

Moving Averages and MACD

On the 5-minute chart, the price remains above both the 20-period and 50-period moving averages, reinforcing a bullish bias. The MACD histogram expanded positively in the final hours of the 24-hour period, indicating sustained upward momentum, though the line is nearing the zero level, hinting at potential exhaustion.

RSI and Volatility

The RSI closed near 65, reflecting moderate overbought territory. While not extreme, this could suggest a short-term pullback is possible. Bollinger Bands show a recent expansion, with price hovering near the upper band. This combination of high volatility and bullish positioning points to a possible consolidation phase.

Volume and Turnover

Volume spiked significantly during the 5:00–6:30 ET window, coinciding with the breakout above 0.001306. Turnover also saw a sharp increase, aligning with the price action and supporting the bullish narrative. However, no clear divergence was observed between price and volume, suggesting the move remains credible for now.

The price appears to have found key support and is now testing upper resistance levels. A continuation above 0.001309 could signal a new bullish phase, while a retest of 0.001306 may offer a continuation opportunity. Investors should remain cautious of a pullback into overbought RSI levels or a breakdown near key support at 0.001299–0.001297.