Shiba Inu Smashes Triangle Pattern Against Bitcoin, But Looks Weak Against Dogecoin
2025-07-10 06:40:02
Main Idea
Shiba Inu (SHIB) shows a bullish trend against Bitcoin but may underperform against DOGE, with institutional trading driving price gains and strong resistance at $0.00001250.
Key Points
1. Shiba Inu's price reached a one-month high against Bitcoin, gaining 5.2% in 24 hours and hitting $0.00001255 on Coinbase.
2. The SHIB/BTC pair broke out of a triangular consolidation pattern, with the MACD histogram indicating upward momentum.
3. SHIB could underperform DOGE as the SHIB/DOGE pair has penetrated a trendline support, signaling the end of a recovery rally.
4. Resistance for SHIB/BTC is noted at the swing low from May 7, while the pair needs to surpass the June 24 high of 0.0000719 to negate bearish trends.
5. Institutional trading activity contributed to SHIB's price gains, with strong resistance observed around $0.00001250.
Description
Shiba Inu's (SHIB) dollar-denominated price hit a one-month high, charting a bullish trend against Bitcoin. However, the outlook against its rival, dogecoin, doesn't look as promising. SHIB has gained 5.2% in the past 24 hours, reaching a high of $0.00001255 on Coinbase, the level last seen on June 12. As of writing, the cryptocurrency teased a breakout into bullish territory above the widely tracked 50-day simple moving average (SMA) at $0.00001242. Key AI insights based on the 24-hour price ac...
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