Shiba Inu Forms Short-Term Double Death Cross Dampening Uptober Hopes
Shiba Inu (COINBASE:SHIBUSD) has formed double death cross signals on its short-term hourly and two-hour charts, indicating that near-term downward momentum is building. This technical pattern occurs when a shorter-term moving average falls below a longer-term moving average, pointing to fading buying pressure. The bearish signal emerges just a week after the cryptocurrency established its first daily golden cross in two years, casting doubt on a potential October rally.
The decline in the digital asset aligns with a broader pullback across the cryptocurrency market. Investor sentiment cooled following the release of the latest Federal Reserve meeting minutes, which revealed that policymakers anticipate another interest rate hike before the end of the year to combat inflation. Shiba Inu has now dropped for three consecutive days after hitting a high of $0.000006018 on October 5, breaking below its 50-day moving average support level of $0.00000544.
Market participants are now watching whether the token can maintain support at its 200-day moving average of $0.00000523. In the macroeconomic arena, upcoming indicators such as initial jobless claims and consumer sentiment data will be closely monitored, alongside the Federal Reserve's upcoming policy decisions scheduled for late October and December.
Key points
- Shiba Inu formed double death cross signals on its hourly and two-hour charts, indicating short-term bearish momentum.
- The technical downturn follows a daily golden cross pattern established just last week.
- The token fell for three straight days after hitting an October 5 high of $0.000006018, breaking support at $0.00000544.
- Broader market declines were triggered by Federal Reserve minutes showing expectations for another interest rate hike in 2026.
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How we writeDisclaimerQuestions and answers
What is a double death cross for Shiba Inu?
It is a bearish technical signal that occurred on both the hourly and two-hour charts when a shorter-term moving average crossed below a longer-term moving average.
Why is the price of Shiba Inu falling?
The token is declining alongside the broader market as investors react to Federal Reserve minutes indicating another interest rate hike may occur before the end of the year.
What key price levels should Shiba Inu investors watch next?
Investors are watching whether the token can hold support at its 200-day moving average of $0.00000523 after breaking below its 50-day moving average support of $0.00000544.