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Even as the broader markets await direction following a dull September start, Shiba Inu has formed a golden cross on its hourly chart.
A golden cross, regarded as a bullish signal, occurs when a short-term moving average crosses above a long-term MA and marks the first of such for Shiba Inu in September.
This is significant as September is historically believed to be the weakest month for cryptocurrencies and markets.
September remains a mixed month for Shiba Inu, marking two out of four Septembers in the green taken from 2021.
In 2021, Shiba Inu ended September up 4.96%, which preceded an explosive 830% rally in October of the same year, with Shiba Inu reaching an all-time high of $0.000088 consequently. In September 2022, this wasn't the story as Shiba Inu closed the month down 6.53%, but somewhat rising just 10% in the October that followed.
Shiba Inu's price action was muted in September and October 2023; SHIB closed September down 8.14% and rose 6.13% in October.
Why it matters
A historical trend was observed: September often set the pace for Shiba Inu's price action in October, referred to as "Uptober" in crypto circles. While Shiba Inu saw losses or minor gains in September, it always saw higher gains in October, often closing the month in the green.
An interesting shift was only seen in September 2024, when Shiba Inu saw higher gains in September than in the October that followed. In September 2024, Shiba Inu rose 26.94%, while in the following October, it only saw 1.33% gains before exploding 50% in November of the same year.
Shiba Inu is currently down 0.41% so far this September, with market enthusiasts eager to see if history repeats or Shiba Inu charts a fresh course.
At the time of writing, SHIB was down 3.1% in the last 24 hours to $0.00001213, reversing a two-day rise from a low of $0.00001181 on Sept. 1.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team