SHIB Surges Past Triangle Resistance on the BTC Pair, But Loses Ground to DOGE

Shiba Inu Breaks Out vs. Bitcoin and U.S. Dollar, But Struggles to Keep Pace With Dogecoin

Shiba Inu (SHIB) saw a strong breakout on Wednesday, climbing to a one-month high against the U.S. dollar and ending a multi-week consolidation against Bitcoin. However, the memecoin continues to underperform Dogecoin (DOGE) on relative strength.

SHIB rose 5.2% in the last 24 hours, reaching an intraday high of $0.00001255 on Coinbase—its strongest level since June 12. It currently trades just above its 50-day simple moving average (SMA) of $0.00001242, a level that traders often use as a gauge for trend direction.

According to CoinDesk’s AI-powered institutional flow tracker, SHIB’s move was largely driven by large-volume trading activity:

A major push between 19:00 and 20:00 UTC on July 9 drove SHIB from $0.00001215 to $0.00001250, with institutional volumes spiking to 1.25 trillion tokens, well above the average daily institutional flow of 491 billion.
Resistance remains firm at $0.00001250, with sellers aggressively defending that level.
During the final trading hour on July 10, SHIB posted a 2.54% gain, moving from $0.00001244 to $0.00001247.
The dip to $0.00001238 during the session now marks an important short-term support zone between $0.00001238–$0.00001240.

SHIB/BTC Sees Technical Breakout

Against Bitcoin, SHIB rose 3.7% on CoinEx, breaking out of a triangle formation that had been forming since late June. The pattern was defined by descending highs from June 24 and July 3 and rising lows from June 22, June 27, and July 4, according to TradingView.

The breakout signals a potential reversal of SHIB’s year-long downtrend versus BTC. A strengthening MACD histogram supports the bullish thesis, indicating improving momentum.

Still, upside may be capped in the short term, with technical resistance looming near the May 7 swing low—a critical horizontal level to watch.

SHIB/DOGE Ratio Breaks Down

Despite the strength versus BTC and USD, SHIB is losing ground against DOGE.

On Binance, the SHIB/DOGE pair has fallen below a key trendline support, breaking the uptrend that began off May’s bottom. Technical weakness is now building:

The Guppy Multiple Moving Average (GMMA) tool is on the verge of flashing a bearish crossover, where short-term EMAs fall below long-term EMAs—typically a sign of sustained downside momentum.
The pair would need to reclaim the June 24 high of 0.0000719 DOGE to shift sentiment back in favor of bulls.