Shiba Inu/Tether (SHIBUSDT) Market Overview

Summary
• SHIBUSDT opened at $0.00000994 and closed at $0.00000987 with a 24-hour high of $0.00001023 and low of $0.00000976.
• Price action showed a consolidation phase with bearish pressure evident in the last 6 hours of the 24-hour window.
• Total volume was 235.9 billion SHIB, while notional turnover was ~$23.2 million.

Market Overview

Shiba Inu/Tether (SHIBUSDT) has seen a volatile 24-hour session, opening at $0.00000994 and reaching a high of $0.00001023 before consolidating near $0.00000987 at the 12:00 ET close. The pair has shown increased bearish pressure in the late hours, with the price retreating below key moving averages. Total volume for the 24-hour period was 235.9 billion SHIB, while notional turnover was approximately $23.2 million.

Structure & Formations

Price has been trading within a descending channel, with key support identified at $0.00000976–$0.00000982 and resistance at $0.00001010–$0.00001025. A bearish engulfing pattern emerged after the price broke below the 15-minute 20 EMA, signaling potential further downside. A doji at $0.00001007 suggests indecision and may act as a short-term pivot.

Moving Averages

The 15-minute chart shows the 20 EMA and 50 EMA both sloping downward, with the price closing below both. On the daily chart, the 50, 100, and 200 EMAs are aligned bearishly, reinforcing the downtrend. A cross back above the 20 EMA on the 15-minute chart could indicate a short-term reversal, but confirmation will be needed.

MACD & RSI

The MACD line has been negative for most of the day, with the histogram narrowing as bearish momentum slows. The RSI is currently at 35, indicating oversold conditions, though without a reversal in volume or candlestick structure, a bounce may be short-lived. A close above 50 on the RSI could indicate renewed buyer interest.

Bollinger Bands

Price has been fluctuating near the lower Bollinger Band on the 15-minute chart, with a recent contraction in volatility following a sharp selloff. The bands have widened slightly in the last hour, suggesting increased market uncertainty. A break of the lower band could lead to further consolidation or a short-term bounce.

Volume & Turnover

Volume spiked near the 20:00 ET time frame with a large block of 102.1 billion SHIB traded, while turnover increased to ~$9.9 million. This coincided with a sharp drop from $0.00001021 to $0.00000992. A divergence in volume and price was noted in the last 3 hours, where volume has declined despite continued bearish pressure—possibly a sign of waning short-term selling.

Fibonacci Retracements

Fibonacci levels from the recent high of $0.00001023 to the low of $0.00000976 show the 38.2% retracement at $0.00001002 and the 61.8% at $0.00000994. Price has tested both levels without a strong reversal, suggesting further downside to the next key level at $0.00000980.

Backtest Hypothesis

Given the bearish engulfing pattern identified in the 15-minute chart, a backtesting strategy could be structured to enter short trades at the open of the next bar after the pattern completes. For instance, if the engulfing pattern forms at 20:45 ET and closes at $0.00001013, the trade would open at the next 15-minute open at 21:00 ET. The target for profit-taking could be at the 61.8% Fibonacci level, while a stop-loss could be placed above the 38.2% level or the 20 EMA. Exit conditions would include closing at the end of the day or hitting a target. This approach would be evaluated using SHIBUSDT data from 2022-01-01 to 2025-11-11 to assess performance.