What to Know Shiba Inu recorded double death crosses on its hourly and two-hour charts, raising concerns about October’s anticipated cryptocurrency market recovery. SHIB dropped 1.36% to $0.0
Shiba Inu (SHIB) has recorded two bearish death crosses on its hourly and two-hour charts, raising concerns about October’s recovery prospects. The signals emerged as SHIB extended its losing streak and dropped below an important moving average, contrasting with its recent daily golden cross, which had raised expectations of stronger price performance.
According to TradingView chart data, Shiba Inu’s 50-period moving average crossed below its 200-period moving average on two timeframes. Both hourly and two-hour charts recorded the bearish crossover, indicating weakening momentum during recent trading sessions.
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A death cross occurs when a shorter moving average falls below a longer moving average, reflecting changes in market trends. SHIB’s simultaneous signals emerged during October, a month cryptocurrency traders commonly associate with positive market performance.
Significantly, the bearish crossovers followed Shiba Inu’s first daily golden cross since November 2024, recorded earlier this month. That earlier crossover occurred when the 50-day moving average climbed above the 200-day moving average.
Source: TradingView
Shiba Inu experienced gains following its November 2024 golden cross, eventually reaching $0.0000334 during December of that year. Its latest daily golden cross has instead coincided with weaker short-term price performance.
Shiba Inu traded at $0.000005405 at reporting time, representing a 1.36% decline over the preceding 24 hours. The cryptocurrency recorded three consecutive declining sessions since reaching $0.000006018 on October 5.
Selling pressure pushed SHIB below its 50-day moving average near $0.00000544, placing the next technical support under examination. Its 200-day moving average stands near $0.00000523, marking another important level following the recent decline.
Meanwhile, broader cryptocurrency markets weakened following Wednesday’s publication of minutes from the Federal Reserve’s latest policy meeting. Officials anticipated another interest rate increase before year-end to address persistent inflation.
Market expectations indicate unchanged interest rates at the October 28 meeting, followed by a possible December 9 increase. Investors also await weekly unemployment claims and October’s preliminary University of Michigan consumer sentiment data. Shiba Inu’s double death cross accompanies declining prices despite its earlier daily golden cross. SHIB now faces support near $0.00000523 as selling pressure persists.
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The post Shiba Inu Flashes Double Death Cross as SHIB Price Drops Below Key Support appeared first on 36Crypto.
