Key Points:

• Significant trading activities among institutions have driven Shiba Inu (SHIB) price gains, facing resistance around $0.00001250.
• Shiba Inu’s value has reached its highest point in a month against Bitcoin, indicating a bullish movement.
• The performance of the SHIB/DOGE pair may be hindered due to bearish signals.

Market Overview

Shiba Inu’s price has recently risen to $0.00001255 as of the last 24 hours, with a 5.2% increase. This represents a high last recorded on June 12. The cryptocurrency is poised for a possible upward trend above the critical 50-day simple moving average (SMA) positioned at $0.00001242.

SHIB Price SHIB price spike.

Institutional Insights

• Institutional trading has propelled SHIB prices from $0.00001215 to a peak of $0.00001250 between 19:00 and 20:00 UTC on July 9, drawing in a notable institutional volume of 1.25 trillion tokens.
• Significant resistance has been seen at the $0.00001250 level, notably surpassing the average daily volume of 491 billion tokens.
• Further institutional gains of 2.54% during the final hour on July 10 indicate strong market activity.

Comparative Performance

In terms of market performance against rival coins, Shiba Inu may struggle to maintain momentum against Dogecoin. The SHIB/BTC pair recently broke through a trendline of support, suggesting a potential decline from previous recovery levels.

SHIB to DOGE Comparison of SHIB/DOGE pair.