Shiba Inu (SHIB) has triggered its first 4-hour death cross of October, as the 50-period moving average fell below the 200-period moving average on the shorter timeframe. The bearish formation appeared after SHIB declined for a third consecutive day, dropping below the $0.000005 level and extending a weeklong selloff.
At the time of writing, SHIB was down 3.88% over the previous 24 hours to $0.000005015 and had lost 6.66% over seven days. The weakness coincided with a broader market reaction to hotter-than-expected U.S. CPI data. The consumer price index rose a seasonally adjusted 0.6% for the month, putting the 12-month inflation rate at 3.7%, according to the Bureau of Labor Statistics.
Short-term bearish crossovers have also appeared on SHIB's hourly, 2-hour, and 3-hour charts since the start of October. The Federal Reserve previously approved a quarter-percentage-point interest rate increase in September, taking the benchmark funds rate to a target range of 3.75% to 4%, with markets expecting a December hike after an anticipated skip in October.
If selling pressure persists and SHIB remains below key support, downside levels could open toward $0.000004. Conversely, traders will watch whether buyers defend nearby support, potentially pushing SHIB back above $0.000005 and then toward $0.000006. The crossover alone does not confirm a deeper correction, with volume and price action needed for confirmation.
