SHIB Death Cross Forms Again as Market Anticipates Positive News

Dog-themed cryptocurrency Shiba Inu has recently created a death cross, this time on its short-term chart, the hourly chart.

On Shiba Inu's one hour chart, the short-term moving average (the 50-hour MA) has fallen below the long-term moving average, confirming a death cross.

This technical pattern comes as the Shiba Inu price has stalled amid profit-taking after a major rally in the past week.

Shiba Inu fell for two days in a row after reaching a high of $0.00001484 on Sept. 13. Bulls attempted a relief rally in yesterday's session but could not sustain it, with Shiba Inu falling again in the early Thursday session.

At press time, SHIB was down 0.18% in the last 24 hours to $0.000013 as the broader crypto market awaits the Fed's interest rate decision today.

Markets await positive catalysts

The markets are awaiting the Federal Reserve's monetary policy outlook as well as a potential interest rate reduction. The central bank meeting wraps up at 2:00 p.m. ET, with Fed Chair Jerome Powell's press conference following at 2:30 p.m.

Traders are betting that the Fed might lower its current benchmark rate of 4.25% to 4.5%, possibly by a quarter percentage point. That could give a boost to risk assets, including cryptocurrencies.

The Fed will also provide insights into the outlook for rates over the next 12 months in its quarterly Summary of Economic Projections, accompanied by a dot-plot grid showing where policymakers think rates might land in the next year.

Investors will also keep an eye out for other economic data this week, with the weekly initial jobless claims report scheduled for Thursday.