SHIBJPY Plunges on Surging Volume — Support at 0.00096 Tested

Summary
• SHIBJPY formed a bearish engulfing pattern at 0.001005, confirming a key short-term reversal.
• Volume surged by over 500% during early Asian hours, coinciding with a sharp price decline.
• RSI remains in oversold territory near 30, suggesting potential for a short-term rebound.
• Bollinger Bands tightened near 0.000987 before a sharp move lower, signaling rising volatility.
• Price is now testing the 0.00096 support level, a critical threshold for near-term bearish momentum.

24-Hour Price and Volume Summary

At 12:00 ET on 2026-02-07, Shiba Inu/Yen (SHIBJPY) opened at 0.000995, reached a high of 0.001008, and closed at 0.00095 at 12:00 ET after hitting a low of 0.000946. The 24-hour notional volume was approximately 3.9 billion yen, with turnover reaching 2.38 million SHIB.

Structure & Price Action

The price action was marked by a bearish reversal pattern at the 0.001005 level, where a bullish-to-bearish engulfing candle confirmed downward momentum. A doji appeared at 0.000982 during the 20:30–20:45 ET session, hinting at indecision ahead of the sharp selloff. Price has since remained below key support at 0.00096, with the 20-period 5-minute EMA now diverging downward from the price, reinforcing bearish bias.

Trend and Momentum Indicators

The 20-period and 50-period 5-minute EMAs have crossed below key resistance levels, confirming a shift in short-term momentum. MACD is negative and trending lower, with a bearish crossover indicating ongoing selling pressure. RSI has settled near oversold levels, suggesting a possible near-term bounce if the 0.00096 support holds.

Volatility and Band Behavior

Bollinger Bands experienced a contraction between 01:00–02:00 ET before a violent expansion, with price dropping to the lower band at 0.00096. This suggests increased volatility ahead and potential for a mean reversion or break below the band. The daily 200-period SMA remains well above the current price, reinforcing a bearish trend.

Volume and Turnover Analysis

Volume spiked sharply in the 02:00–03:00 ET window, with over 60 million yen in turnover, coinciding with a rapid decline from 0.00099 to 0.00098. Turnover was relatively subdued in the final hours, suggesting a pause in aggressive selling. A divergence between declining price and flat volume in the final 2 hours may hint at a potential reversal or consolidation.

Key Support and Resistance Levels

Fibonacci retracement levels show the 61.8% level at 0.00096 acting as a critical support. A break below this could target 0.00095–0.00094. Key resistance remains at 0.001005, where the engulfing pattern confirmed the breakdown.

Conclusion and Outlook

The market appears to be consolidating near 0.00096, with a bearish bias intact. A break below 0.00096 could accelerate further downside. However, a rebound above 0.000985 could spark a short-term bounce. Investors should monitor volume behavior and the 20-period EMA for potential trend confirmation. Risk of a sharp downward move remains elevated in the next 24 hours.