Shiba Inu Forms First Double Death Cross of October: Is 'Uptober' in Trouble?
Key Summary
Shiba Inu (SHIB) has formed a double death cross on its short-term charts, raising concerns about the viability of the 'Uptober' rally. The bearish crossover, seen as a sign of fading momentum, follows the coin's first daily golden cross in two years. This development puts pressure on the 'Uptober' narrative and suggests SHIB needs to regain key technical levels to rebuild momentum before bulls can regain control.
Market Analysis
The double death cross signals on Shiba Inu's hourly and two-hour charts indicate bearish pressure across multiple moving-average setups. This development raises concerns about the viability of the 'Uptober' rally, which is generally a positive month for cryptocurrencies. The recent golden cross on the daily chart, followed by a rally in December 2024, sparked optimism about positive price action. However, the double death cross puts the 'Uptober' narrative under pressure, suggesting SHIB needs to regain key technical levels and rebuild momentum before bulls can regain control. The recent bearish trend is in line with the broader market drop, as investors reacted to minutes from the Federal Reserve's latest meeting, which showed officials expect to raise interest rates again before the end of the year.