Shiba Inu Breaks Out of Triangle Formation Versus Bitcoin, Yet Struggles Against Dogecoin

Shiba Inu Hits One-Month High vs. Dollar, Breaks Out Against Bitcoin but Lags Behind Dogecoin

Shiba Inu (SHIB) surged to a one-month high against the U.S. dollar, driven by institutional trading activity, but its momentum is faltering when compared to rival Dogecoin (DOGE).

SHIB climbed 5.2% over the past 24 hours, reaching an intraday peak of $0.00001255 on Coinbase, a level not seen since June 12. At press time, SHIB was hovering just above its closely watched 50-day simple moving average (SMA) at $0.00001242, signaling a potential shift into bullish territory.

According to CoinDesk’s AI research, institutional flows were key drivers behind the latest price gains:

  • Between 19:00 and 20:00 UTC on July 9, large-scale trades pushed SHIB from $0.00001215 to a high of $0.00001250, with institutional volume hitting a hefty 1.25 trillion tokens—well above the average daily institutional volume of 491 billion tokens.
  • Resistance has solidified near the $0.00001250 mark, suggesting significant sell-side interest at that level.
  • During the final hour of trading on July 10 (03:56 to 04:55 UTC), SHIB saw an additional 2.54% gain, moving from $0.00001244 to $0.00001247.
  • A session low of $0.00001238 around 04:15 UTC now appears to serve as a firm support zone between $0.00001238–$0.00001240.

SHIB/BTC Breaks Out of Triangle

On CoinEx, SHIB’s BTC-denominated pair rose 3.70% Wednesday (UTC), breaking free from a triangular consolidation pattern traced between the highs of June 24 and July 3 and the lows of June 22, June 27, and July 4, based on TradingView data.

This breakout comes after a prolonged year-long downtrend, signaling that bulls have absorbed selling pressure and may be reclaiming control. Technical indicators are supportive, with a positive MACD histogram pointing to building bullish momentum.

However, the pair could encounter resistance at the May 7 swing low, identified as a key horizontal level on the charts.


SHIB/DOGE Faces Challenges

Despite strength against both USD and BTC, SHIB may underperform DOGE in the near term.

The SHIB/DOGE pair listed on Binance has broken below a key trendline support, effectively ending the recovery rally that began from May’s lows.

Adding to the bearish signals, the Guppy Multiple Moving Average (GMMA) indicator looks set to confirm a bearish crossover, which occurs when short-term exponential moving averages dip below long-term EMAs—often a sign of weakening momentum.

To invalidate the bearish outlook, SHIB would need to surpass the June 24 high of 0.0000719 against DOGE.

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