Shiba Inu Records Double Death Cross as SHIB Falls Below $0.00000544 Support
Shiba Inu (SHIB) has registered bearish death crosses on its hourly and two-hour charts as the cryptocurrency extends a three-session decline and falls below its 50-day moving average. The technical signals contrast with a daily golden cross recorded earlier in October, raising questions about whether SHIB can regain upward momentum.
TradingView chart data shows that SHIB's 50-period moving average has crossed below its 200-period moving average on both shorter timeframes. The simultaneous crossovers indicate weakening short-term momentum as the token faces continued selling pressure.
Shiba Inu Faces Conflicting Technical Signals
A death cross occurs when a shorter-term moving average falls below a longer-term moving average, a pattern traders often interpret as a bearish signal. In SHIB's case, the hourly and two-hour crossovers emerged despite a recent bullish development on the daily chart.
Earlier in October, Shiba Inu recorded its first daily golden cross since November 2024. The pattern formed when the 50-day moving average moved above the 200-day moving average, a technical development commonly associated with improving price momentum.
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| Source: TradingView |
The previous golden cross in November 2024 was followed by gains that saw SHIB reach $0.0000334 in December of that year. Its latest daily golden cross, however, has coincided with weaker short-term price action rather than a sustained advance.
SHIB Price Declines Below the 50-Day Moving Average
Shiba Inu was trading at $0.000005405 at the time of reporting, down 1.36% over the previous 24 hours. The decline extended a three-session losing streak that began after SHIB reached $0.000006018 on October 5.
Continued selling pushed the token below its 50-day moving average, which stood near $0.00000544. The move has placed the next technical level under scrutiny, with the 200-day moving average near $0.00000523 identified as another important support area.
The price decline and the short-term death crosses have emerged alongside weaker conditions across the broader cryptocurrency market. These developments contrast with the bullish signal generated by SHIB's daily moving averages earlier in the month.
Federal Reserve Outlook Adds to Market Uncertainty
Broader cryptocurrency markets weakened following the release of minutes from the Federal Reserve's latest policy meeting on Wednesday. According to the source report, officials anticipated another interest rate increase before the end of the year to address persistent inflation.
Market expectations pointed to interest rates remaining unchanged at the October 28 meeting, followed by a possible increase on December 9. Investors were also awaiting weekly unemployment claims and preliminary October consumer sentiment data from the University of Michigan.
SHIB's immediate technical picture remains focused on whether the token can stabilize after falling below its 50-day moving average. The 200-day moving average near $0.00000523 represents the next key level highlighted by the available chart data, while the double death cross signals continued weakness on shorter timeframes.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.