Shiba Inu Set to Break Out in October, But Risks Lurk Ahead

Shiba Inu (SHIB) is heading into October, historically its strongest month, in unusually strong form. The token has closed the third quarter up 39.3%, an anomaly considering that it usually falls in Q3. This result has given SHIB a price foothold it hasn't had since its historic 2021 rally.

Investors are looking at October's average return of 167.5%, but this figure was skewed by the coin's staggering 833% surge in 2021. The median return for October is much more modest, standing at 6.04%. Despite this, October has a historical win rate of an impressive 80%, with SHIB closing the month in the red only once.

The memecoin has been making a measured exit from its two-year slumber, with a clear reversal on TradingView charts showing it found a bottom at a market cap of $2.21 billion and broke out of a descending wedge. The weekly RSI has produced two bullish divergences, confirming that SHIB is being aggressively accumulated.