Shiba Inu Smashes Triangle Pattern Against Bitcoin, But Looks Weak Against Dogecoin
Shiba Inu (SHIB) experienced a significant price surge, reaching a one-month high and demonstrating bullish momentum against Bitcoin. This 24-hour increase of 5.2%, peaking at $0.00001255 on Coinbase, surpasses levels last seen on June 12th. The cryptocurrency’s price flirted with breaking above the crucial 50-day simple moving average (SMA) at $0.00001242, a key indicator of bullish market sentiment.
Analysis of the 24-hour price action reveals a strong influence of institutional investors. Between 7 PM and 8 PM on July 9th, institutional flows propelled prices from $0.00001215 to $0.00001250, involving an extraordinary volume of 1.25 trillion SHIB tokens. This surge encountered resistance around the $0.00001250 level, significantly exceeding the average daily institutional volume of 491 billion tokens. Further institutional buying added another 2.54% in the final hour of July 10th, pushing prices from $0.00001244 to $0.00001247. A session low of $0.00001238, observed around 4:15 AM, suggests a strong support level within the $0.00001238-$0.00001240 range, as perceived by institutional traders.
The SHIB/BTC pair on CoinEx showcased a 3.70% increase, breaking out of a prolonged triangular consolidation pattern. This breakout, following a year-long downtrend, signifies a potential shift in market dominance towards bullish sentiment. The positive MACD histogram further supports this upward momentum. However, the May 7th swing low might present resistance to further gains.
Conversely, the SHIB/DOGE pair displays a less optimistic outlook. The Binance-listed pair breached trendline support, potentially ending the recovery rally from May lows. The Guppy Multiple Moving Average indicator suggests a bearish momentum shift, with a potential bear cross imminent. To reverse this bearish trend, the pair needs to surpass the June 24th high of 0.0000719. In summary, while SHIB demonstrates strength against Bitcoin, its performance against Dogecoin appears weaker, highlighting the importance of considering various pairings for a comprehensive market analysis.
