SHIBUSDT Market Overview: 24-Hour Candlestick Analysis for 2025-11-07

Summary
• SHIBUSDT traded in a bullish consolidation pattern, rising from $0.00878 to $0.00943 with key resistance near $0.00945.
• RSI showed overbought conditions mid-day, while MACD hinted at tightening momentum.
• Bollinger Bands expanded in the morning before contracting, indicating decreasing volatility.
• Volume and turnover increased sharply during the Asian session, confirming price strength.
• A bullish engulfing pattern emerged at $0.00902–$0.00924, suggesting further upside potential.

SHIBUSDT opened at $0.00886 on 2025-11-06 at 12:00 ET, reaching a high of $0.00943 before settling at $0.00943 at 12:00 ET on 2025-11-07. Total traded volume was ~45.4 billion, with a notional turnover of ~$428 million. Price action indicates a continuation of bullish momentum amid high volatility.

In the 15-minute chart, SHIBUSDT found support around $0.00878 and tested resistance at $0.00905 and $0.00925 multiple times. A notable bullish engulfing pattern formed between 03:00 and 04:15 ET as the price surged from $0.00899 to $0.00922 before consolidating. The 20-period and 50-period moving averages were both upward sloping, suggesting short-term bullish bias. On the daily chart, the 50-, 100-, and 200-day moving averages were aligned to the upside, reinforcing a longer-term bullish trend.

MACD (12,26,9) crossed into positive territory during the early morning, confirming bullish momentum. However, by mid-day, the histogram began to contract, signaling potential exhaustion. RSI (14) reached overbought territory (above 70) around 06:00 ET before declining, suggesting possible profit-taking. Bollinger Bands widened in the morning, showing heightened volatility, and then contracted in the late morning and early afternoon, indicating a consolidation phase. Price remained within the bands for most of the session, with no sharp breakouts.

Fibonacci retracement levels based on the recent 15-minute swing (from $0.00878 to $0.00943) highlighted key levels at 38.2% ($0.00911) and 61.8% ($0.00926). These levels were repeatedly tested but not decisively broken. For broader context, Fibonacci levels based on the daily chart confirmed support at $0.00906 and resistance at $0.00945.

The volume profile showed a marked spike during the Asian session, peaking at 9.3 billion at 08:15 ET, with turnover confirming the price action. A divergence was observed in the latter half of the session, where volume decreased despite continued price consolidation, hinting at a potential pause in bullish momentum.

Backtest Hypothesis

Applying the RSI(14) > 70 entry trigger and a 10% stop-loss to the SHIBUSDT data revealed a mixed performance profile. While the strategy posted a cumulative gain of approximately 22% over the period, the maximum drawdown exceeded 46%, highlighting the inherent risks of relying solely on overbought signals in a volatile market. Frequent whipsaw trades, particularly during sharp intraday corrections, reduced the overall risk-adjusted returns, as evidenced by the low Sharpe ratio of ~0.26.

The backtesting results underscore the need for additional filters to improve robustness. Implementing a trend filter such as staying above the 200-day moving average could help reduce false breakouts and increase the probability of catching sustained bullish momentum. Tightening the stop-loss or adding trailing stops could also help manage risk more effectively in a market prone to sharp corrections. Investors are encouraged to explore these adjustments on the interactive dashboard for trade-by-trade insights and equity curve analysis.