Shiba Inu (SHIB) has produced double death cross signals on its hourly and two-hour charts, heightening uncertainty over the likelihood of the anticipated “Uptober” rally in October. Double d
Shiba Inu (SHIB) has produced double death cross signals on its hourly and two-hour charts, heightening uncertainty over the likelihood of the anticipated “Uptober” rally in October.
A death cross occurs when a short-term moving average crosses below a long-term moving average, widely interpreted by traders as a signal of weakening momentum. In SHIB’s case, the 50-period moving average slipped beneath the 200-period moving average on both the hourly and two-hour timeframes.
This double occurrence of the death cross is drawing increased scrutiny, as it points to sustained bearish sentiment across multiple short-term technical setups. The signals may indicate continuing pressure against SHIB’s price unless the technical picture improves.
Mini dictionary: Death cross, a technical chart pattern where a short-term moving average falls below a long-term moving average, often seen by traders as a signal of potential downward momentum in price action.
SHIB experienced its first daily golden cross in nearly two years last week—a bullish signal in which a shorter-term moving average crosses above a longer-term moving average. The previous golden cross, seen in November 2024, preceded a strong rally with SHIB climbing to $0.0000334 in December 2024.
Rather than confirming a bullish rally for October, the double death cross suggests Shiba Inu may need to reclaim critical support levels and restore momentum before any sustained upside occurs.
October, often referred to as “Uptober” for historically positive crypto performance, has so far failed to live up to expectations for Shiba Inu. The double death cross has cast doubt over whether bulls can launch the rally speculators had hoped for this month.
SHIB’s current price action reflects persistent weakness. The token was last down 1.36% in 24 hours at $0.000005405, moving in tandem with the broader market’s decline.
This pullback followed the release of minutes from the Federal Reserve’s latest meeting, which showed officials anticipate another interest rate hike before the end of the year as they attempt to curb inflation.
Investor sentiment toward SHIB and other cryptocurrencies remains closely tied to macroeconomic developments. Many analysts expect the Fed to keep interest rates steady at its October 28 meeting, with a potential rate increase on December 9. Attention is also focused on upcoming data releases, including weekly initial jobless claims and preliminary Michigan Consumer Sentiment for October.
Date/Event Current Value/Action Next Key Level Current SHIB price $0.000005405 Support at $0.00000523 Recent Price Peak (Oct 5) $0.000006018 Support at $0.00000544 (50-day MA) Potential Fed action Possible rate hold Oct 28 Rate hike possible Dec 9After reaching a high of $0.000006018 on October 5, SHIB has entered its third consecutive day of decline. The token has now dropped below the 50-day moving average support at $0.00000544 and is approaching its next key support at the 200-day moving average of $0.00000523.
Shiba Inu is a meme-based cryptocurrency developed as an experiment in decentralized community building. It has achieved significant popularity but remains highly volatile, with price movements frequently influenced by technical setups, broader crypto market sentiment, and global economic policy shifts.
SHIB’s recent drop below multiple support levels and the appearance of double death crosses on short-term charts highlight the uncertainty facing traders and investors as October progresses.
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