Shiba Inu Price Hits $0.00000504 Amid Historical September Weakness

Shiba Inu (SHIB) has seen a significant increase in price this quarter, up 20% since the start of the period. However, its performance for September is not as promising, with an average historical return of -2.72% and a median return of -2.99%. According to CryptoRank, September is historically the worst time for SHIB, with only two instances in all tracked years where it closed the month in the green.

The current price of $0.00000504 has run into the 200-day moving average (MA 200) at $0.00000537, a barrier that bulls were unable to break through in mid-August due to selling pressure. The relative strength index (RSI) reading of 51.56 indicates a lack of buyer strength needed to overcome this wall.

Despite the historical pessimism for September, medium-term investors may find it necessary to hold onto SHIB as the third quarter has already defied bearish trends with a +20.4% return, significantly stronger than its historical Q3 average of +2.39%. The dense support block formed below the current price around the 23-day ($0.00000492) and 50-day ($0.00000471) moving averages is turning upward, protecting the asset from a deeper decline.

Previous years have shown that September consolidation serves as a foundation for a strong fourth quarter, which has an average historical return of +71.2%, and October, or 'Uptober', with an average gain of +167.5%. In the coming days, SHIB is likely to continue moving within a narrowing trading range between support at $0.0000047 and resistance at $0.00000537.