Shiba Inu (SHIB) has recently seen an intriguing shift in its market dynamics. On July 9, SHIB’s dollar-denominated price soared to a one-month high, signaling a bullish trend against Bitcoin. The token reached a notable $0.00001255 on Coinbase, a level last hit on June 12. This uptick against Bitcoin, however, contrasts with its performance against Dogecoin (DOGE), where the outlook seems less promising.
Rising Against Bitcoin
SHIB’s recent rally against Bitcoin has caught the attention of market watchers. The SHIB/BTC pair jumped 3.70% on Wednesday, breaking free from a triangular consolidation pattern that had been in place since late June. TradingView data highlights this breakout as a potential turning point, following a year-long downtrend. Analysts suggest that this newfound strength could be linked to a positive MACD histogram, signaling a boost in upward momentum. This mirrors recent movements in the broader crypto market, as detailed in Ethereum, Dogecoin Soar as Bitcoin Hits Highest Price in 3 Weeks.
Institutional interest has been a significant driver behind SHIB’s recent price action. Between 19:00 and 20:00 on July 9, SHIB prices surged from $0.00001215 to $0.00001250, with a staggering institutional volume of 1.25 trillion tokens—far exceeding the usual 491 billion tokens traded daily by institutions. This influx of capital has established a strong resistance level at $0.00001250, indicating robust institutional involvement in the market.
“The breakout against Bitcoin is a promising sign,” said crypto analyst Linda Meyers. “It suggests that SHIB is gaining credibility among institutional investors, which could pave the way for further gains if this trend continues.”
Struggles Against Dogecoin
Despite these gains, SHIB faces challenges when compared to Dogecoin. The SHIB/DOGE pair, listed on Binance, has penetrated a critical trendline support, erasing the recovery rally it experienced from its May lows. The Guppy multiple moving average indicator hints at a bearish crossover, a phenomenon where short-term exponential moving averages slip below their long-term counterparts, suggesting a potential shift in momentum towards the bears. This situation is reminiscent of the patterns observed in Dogecoin ‘Triangle Pattern’ in Play as DOGE Prints Higher Low After Pullback.
To negate this bearish sentiment, SHIB would need to surpass its June 24 high of 0.0000719 against DOGE—an uphill task given the current technical indicators. Crypto market analyst James Fuller noted, “The bearish crossover on the Guppy indicator is concerning for SHIB holders. It could indicate that Dogecoin might outperform SHIB in the near term unless there’s a reversal.”
Historical Context and Future Implications
Shiba Inu’s current movements are set against a backdrop of fluctuating crypto markets. The token’s performance has been a rollercoaster since its inception, captivating both retail and institutional investors. Its community-driven approach and meme-inspired origins have often drawn comparisons to Dogecoin, another meme coin darling.
Looking ahead, the key to SHIB’s sustained success will be its ability to maintain momentum against Bitcoin while addressing the bearish signals against DOGE. The recent bullish breakout might suggest a shifting tide, but the path forward is fraught with challenges.
Investors and traders should keep a close eye on SHIB’s movements in the coming weeks. While the bullish breakout against Bitcoin is promising, the bearish indicators against Dogecoin raise questions about whether this trend can hold. As always in the volatile world of cryptocurrencies, only time will reveal the true direction of these digital assets.
Source
This article is based on: Shiba Inu Smashes Triangle Pattern Against Bitcoin, But Looks Weak Against Dogecoin
Further Reading
Deepen your understanding with these related articles:
- Dogecoin Pops 6% to Lead Majors Gains as Bitcoin Nears $110K on Fresh Rate-Cut Optimism
- Crypto Traders Shrug Off Dormant Bitcoin Whale Moves, With Profit-Taking on XRP, DOGE, SOL
- Dogecoin, Solana, Ethereum Drive Crypto Markets Higher as Bitcoin Stays Flat
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
