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SHIB Shiba Inu has a double signal of "Death Cross", casting a shadow on expectations of an October rebound.
Shiba Inu (SHIB) has simultaneously appeared "Death Cross" signals on its one-hour and two-hour charts, which has made the market full of uncertainty about the possibility of the upcoming October "Uptober" rally, which refers to the month with a better performance in history for the crypto market.
Double death crosses intensify bearish momentum
The so-called "death crosses" refer to the technical pattern in which the short-term moving average crosses down the long-term moving average, which traders usually regard as a signal of weakening momentum. In the case of SHIB, the 50-cycle moving average fell below the 200-cycle moving average in both the one and two hour time frames.
This dual phenomenon has attracted high market attention because it suggests persistent bearish sentiment under multiple short-term technical settings. Unless there are signs of improvement on the technical front, these signals may signal that SHIB prices will continue to be under pressure.
Terminology analysis: "Death cross" is a technical analysis chart form that is formed when the short-term moving average falls below the long-term moving average. It is often regarded by traders as a signal that prices may have downward momentum.
It is worth noting that last week, SHIB experienced the first daily-level Golden Cross in nearly two years, a bullish signal that the short-term moving average crosses the long-term moving average upwards. The previous gold cross occurred in November 2024, and then SHIB launched a strong rally, climbing to a high of $0.000334 in December 2024.
However, rather than confirming a bullish rally in October, the current double death cross suggests that Shiba Inu may need to regain key support and regain momentum before it is expected to achieve sustained gains.
"Uptober" Outlook and Market Pressure
October is often called "Uptober" because historically crypto assets tend to perform well in that month, but so far, the performance of SHIB has not met market expectations. The emergence of a double death cross has led markets to question whether bulls can launch the rally that speculators are hoping for this month.
Recent price movements of SHIB reflect continued weakness. The token fell 1.36% in the past 24 hours to close at $0.00005405, in sync with the broader market decline.
This correction follows the release of the Federal Reserve's latest meeting minutes. Officials expect to raise interest rates again before the end of the year in an attempt to curb inflation, minutes show.
Investor sentiment towards SHIB and other cryptocurrencies is closely linked to macroeconomic developments. Many analysts expect the Fed to leave interest rates unchanged at its October 28 meeting, while a rate hike may be possible on December 9. In addition, the market is also closely monitoring upcoming economic data, including weekly initial jobless claims and the initial value of the University of Michigan Consumer Confidence Index in October.
Key data refer to
Current SHIB price: $0.000005405
Support level: $0.00000523
Recent highs (October 5):$0.000006018
Support level (50-day moving average):$0.0000544
Potential Fed action: Interest rates may remain unchanged on October 28; Possible interest rate hikes on December 9
Technical Analysis and Support
After hitting a high of $0.00006018 on October 5, SHIB has fallen for three consecutive days. Currently, the token has fallen below the 50-day moving average support level at $0.0000544 and is approaching the next key support level-the 200-day moving average at $0.0000523.
Shiba Inu is a meme-based cryptocurrency originally developed as an experimental project for decentralized community building. Despite its huge popularity, its prices are extremely volatile and are often influenced by technological patterns, broader crypto market sentiment, and changes in global economic policies.
随着十月的推进，SHIB 近期跌破多个支撑位，且短期图表上出现双重死亡交叉，这凸显了交易者和投资者面临的不确定性。
