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Shiba Inu (SHIB) has produced double death-cross signals on its short-term charts, raising fresh doubts over whether the much-awaited "Uptober" rally can still occur.
A death cross is when a shorter-term moving average crosses below a longer-term one, which traders see as a sign that momentum may be fading. In this case, the MA 50 drops below the MA 200 in a bearish crossover, a death cross.
This appeared on the hourly and the two-hour charts, marking double death cross signals on these short-term timeframes. A double death cross attracts attention as it suggests bearish pressure across more than one moving-average setup.
The double death cross signals follow Shiba Inu's first daily golden cross in the last two years. Shiba Inu last week formed a golden cross on its daily chart—the first since November 2024—sparking optimism of positive price action. Shiba Inu rallied after its golden cross in November 2024; SHIB rose to $0.0000334 in December 2024.
October, known as "Uptober," is generally a positive month for cryptocurrencies. However, the double death cross puts the "Uptober" narrative under pressure. Rather than confirming an October rally, the signal suggests SHIB may need to regain key technical levels and rebuild momentum before bulls can regain control.
SHIB price action
At the time of writing, SHIB was down 1.36% in the last 24 hours to $0.000005405, in line with the broader market drop as investors reacted to minutes from the Federal Reserve's latest meeting published on Wednesday, which showed officials expect they will raise interest rates again before the end of the year to head off inflation.
Investors expect that the Fed might keep rates on hold at its next meeting on Oct. 28 and pull the trigger on a hike on Dec. 9. They will also await the release of the weekly initial jobless claims on Thursday and the Michigan Consumer Sentiment Preliminary for October on Friday.
Shiba Inu is down after reaching a high of $0.000006018 on October 5 and is now in its third consecutive day of declines. SHIB has fallen below the support at $0.00000544 (50-day MA) and is testing the next support at $0.00000523 (200-day MA).