SHIB Outperforms Bitcoin After Triangle Breakout, Though It Remains Soft Versus Dogecoin

Shiba Inu Breaks Out Against Bitcoin and Dollar, But Trails Dogecoin Performance

Shiba Inu (SHIB) is showing signs of strength against both the U.S. dollar and Bitcoin (BTC), posting gains that pushed it to a one-month high. However, the popular meme token is still lagging behind Dogecoin (DOGE) in relative performance.

In the past 24 hours, SHIB has climbed 5.2%, touching an intraday high of $0.00001255 on Coinbase, its highest price since June 12. The token is currently trading just above its critical 50-day simple moving average (SMA) at $0.00001242, a level often used as a gauge for trend strength.

Analysis from CoinDesk’s AI tools suggests that the latest move was fueled largely by institutional flows:

• A sharp rally occurred between 19:00 and 20:00 UTC on July 9, pushing SHIB from $0.00001215 to $0.00001250, supported by institutional volume totaling 1.25 trillion tokens, well above the usual daily figure of 491 billion tokens.
• Resistance has become firm near the $0.00001250 level, indicating significant selling pressure.
• In the final hour of July 10’s trading session, SHIB added 2.54%, climbing from $0.00001244 to $0.00001247.
• A low point around $0.00001238 has now established a strong support zone between $0.00001238 and $0.00001240.

SHIB/BTC Clears Triangle Pattern

SHIB gained 3.7% against Bitcoin on CoinEx, breaking out of a triangle formation defined by descending highs from June 24 and July 3 and rising lows from June 22, June 27, and July 4, according to TradingView data.

This breakout may signal the end of SHIB’s year-long downtrend against BTC. Momentum indicators, like the MACD histogram, are turning positive, suggesting growing buying interest.

However, traders should watch for resistance near the May 7 swing low, which could challenge further upward movement.

SHIB/DOGE Weakness Persists

Despite recent strength elsewhere, SHIB continues to underperform DOGE.

On Binance, the SHIB/DOGE pair has slipped below a significant trendline, ending the rebound that began off May’s lows. Technical signals are increasingly bearish:

• The Guppy Multiple Moving Average (GMMA) is close to triggering a bearish crossover, a sign that short-term momentum is weakening relative to longer-term trends.
• To reverse the bearish outlook, SHIB must surpass the June 24 high of 0.0000719 DOGE.