Shiba Inu Faces Short-Term Weakness Amid 'Uptober' Rally Expectations

Shiba Inu's performance in August ended on a high note, delivering a 20.4% return on a quarterly basis and closing at $0.00000504.

However, signals are diverging over strategies for holding the token in September, with some analysts warning of potential short-term weakness.

According to CryptoRank data, Shiba Inu's average September return is -2.72%, and it has finished higher only twice during this period.

Technical indicators also point to near-term resistance, as the token faces a heavy supply zone near $0.00000537, its 200-day moving average.