Shiba Inu’s (SHIB) dollar-denominated price has recently hit a one-month high, showcasing a bullish trend against Bitcoin. However, its outlook against its competitor, Dogecoin, appears less favorable.
In the past 24 hours, SHIB has experienced a notable gain of 5.2%, reaching a price peak of $0.00001255 on Coinbase—the highest level since June 12. At the time of writing, the cryptocurrency is attempting to break into bullish territory above the significant 50-day simple moving average (SMA) situated at $0.00001242.
Key AI Insights Based on the 24-Hour Price Action
- Institutional flows played a crucial role, driving prices from $0.00001215 to a peak of $0.00001250 between 19:00 and 20:00 on July 9, with institutional volume reaching an extraordinary 1.25 trillion tokens.
- A strong institutional resistance has formed around the $0.00001250 mark, greatly surpassing the average daily institutional volume of 491 billion tokens.
- During the final trading hour on July 10, an additional 2.54% increase in institutional gains was recorded, moving from $0.00001244 to $0.00001247.
- A session low of $0.00001238 established around 04:15 indicates strong technical support viewed by institutional traders within the $0.00001238-$0.00001240 range.
SHIB/BTC Breakout
The SHIB/BTC pair listed on CoinEx has also shown positive movement, rising 3.70% on Wednesday (UTC), breaking out of a triangular consolidation pattern identified through trendlines connecting highs from June 24 and July 3, as well as lows from June 22, June 27, and July 4, according to data from TradingView.
This breakout is significant as it follows an extended year-long downtrend, indicating that bullish sentiment is gaining traction and that demand has successfully absorbed supply during the consolidation period.
The pair appears set to continue its upward trajectory in the short term, bolstered by a positive MACD histogram, which suggests strengthening upward momentum. The swing low from May 7, represented by the horizontal line on the accompanying chart, may act as a resistance point on the way up.
SHIB/DOGE Breakdown
In contrast, SHIB may underperform against DOGE in the upcoming days, as the Binance-listed SHIB/BTC pair has breached a trendline support, indicating the potential end of its recovery rally since the May lows.
Moreover, the Guppy multiple moving average indicator appears set to cross into bearish territory, signaling a negative shift in momentum. A bear cross occurs when the band of short-term exponential moving averages (EMAs) moves below their long-term counterparts.
To negate this bearish outlook, the pair needs to surpass the June 24 high of 0.0000719.
(Disclaimer:Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
