Shiba Inu Rallies Against Bitcoin and Dollar but Loses Ground to Dogecoin
Shiba Inu (SHIB) surged on Wednesday, reaching a one-month high against the U.S. dollar and breaking out against Bitcoin (BTC) after weeks of consolidation. Yet despite these gains, SHIB continues to show weakness when measured against Dogecoin (DOGE).
In the past 24 hours, SHIB climbed 5.2%, peaking at $0.00001255 on Coinbase, its highest price since June 12. The token is now hovering just above its key 50-day simple moving average (SMA) at $0.00001242, often viewed as a pivotal level for bullish momentum.
Data from CoinDesk’s AI analysis tool highlights that institutional players were significant drivers of this rally:
- Between 19:00 and 20:00 UTC on July 9, heavy buying pushed SHIB from $0.00001215 to $0.00001250, fueled by institutional trading volume of 1.25 trillion tokens — well above the average daily figure of 491 billion tokens.
- Resistance remains firm around $0.00001250, signaling sellers are active at this level.
- During the final trading hour on July 10, SHIB rose another 2.54%, moving from $0.00001244 to $0.00001247.
- A session low of $0.00001238 has emerged as a crucial support area between $0.00001238 and $0.00001240.
SHIB/BTC Breaks Out of Triangle
Against Bitcoin, SHIB rose 3.7% on CoinEx, breaking free from a triangle pattern formed by lower highs from June 24 and July 3, and higher lows from June 22, June 27, and July 4, as tracked by TradingView.
This move suggests a potential reversal of SHIB’s prolonged downtrend versus BTC, supported by a strengthening MACD histogram that hints at growing bullish momentum.
However, resistance lies ahead near the May 7 swing low, a key horizontal level that may slow further gains.
SHIB/DOGE Shows Weakness
Despite bullish signals against BTC and USD, SHIB continues to underperform DOGE.
On Binance, the SHIB/DOGE pair broke below a critical trendline support, effectively ending the recovery that began in May. Indicators are now flashing bearish signs:
- The Guppy Multiple Moving Average (GMMA) is close to confirming a bearish crossover, which happens when short-term exponential moving averages dip below long-term averages — a classic sign of weakening momentum.
- To shift the narrative back to bullish, SHIB would need to reclaim the June 24 high of 0.0000719 DOGE.
