Saad Ullah
Shiba Inu (SHIB) just hit a one-month high against Bitcoin, thanks to massive institutional buying. But things don't look so hot when you stack it up against Dogecoin.
SHIB (Shiba Inu) Price Rockets to One-Month High
SHIB's been on fire lately, jumping 5.2% in just 24 hours to hit $0.00001255 on Coinbase - that's the highest we've seen since June 12. What's really driving this isn't just retail traders going crazy, it's the big institutional money that's been pouring in.
The token's now testing a breakout above the 50-day moving average at $0.00001242, which is a pretty big deal for the bulls. Between 19:00 and 20:00 on July 9, institutional flows pushed the price from $0.00001215 straight up to $0.00001250, with a massive 1.25 trillion tokens changing hands. That's way more than the usual daily institutional volume of 491 billion tokens.
There's strong resistance sitting right around $0.00001250 now, and institutional traders kept the party going into the final hour of July 10, adding another 2.54% gain from $0.00001244 to $0.00001247. The session low of $0.00001238 around 04:15 is looking like solid support for now.
SHIB/BTC Breaks Out of Triangle Pattern
Here's where things get interesting - the SHIB/BTC pair jumped 3.70% on Wednesday and finally broke out of that triangular pattern that's been holding it back since late June. This breakout is huge because it's ending a year-long downtrend, showing that the bulls are finally winning.
The MACD histogram is backing up this bullish move, pointing to stronger upward momentum. But traders should watch out for that May 7 swing low - it could act as resistance if SHIB tries to climb higher.
SHIB (Shiba Inu) Price Struggles Against Dogecoin
Now here's the flip side - SHIB's not doing so well against its main rival, Dogecoin. The SHIB/DOGE pair on Binance just broke below a key trendline support, basically ending the recovery that started back in May.
The technical indicators aren't looking good either. The Guppy multiple moving average is about to cross bearish, which usually means momentum is shifting negative. For SHIB to turn things around against DOGE, it needs to get back above that June 24 high of 0.0000719.
So while SHIB's crushing it against Bitcoin, it's getting outplayed by Dogecoin. This mixed picture means traders need to be extra careful about which pairs they're trading and how they're managing risk.
Saad Ullah
