Shiba Inu completes death cross on 4-hour chart as price slides below $0.000005

Shiba Inu posted its first death cross signal of October on the 4-hour chart, after the 50-period moving average dropped below the 200-period moving average. This technical indicator is often interpreted by traders as a potential sign of continued weakness in the market. The latest bearish crossover coincides with a challenging period for Shiba Inu. The token recorded three consecutive days of declines, slipping below the $0.000005 mark. Similar death cross signals have materialized on shorter timeframes such as the hourly, 2-hour, and 3-hour charts since the start of October, highlighting persistent downward pressure.

Source: CoinTurk News