Shiba Inu Price Forecast: SHIB Exceeds Triangle Formation Versus Bitcoin – Is SHIB Positioned to Surpass Dogecoin?

The Shiba Inu price (SHIB) has risen to a one-month peak against Bitcoin (BTC) this week, fueled by significant institutional trading activity.

SHIB increased by 9% in the last 24 hours, reaching $0.00001359 on Coinbase — a level not observed since June 11.

As momentum builds, some are now pondering whether SHIB might surpass Dogecoin (DOGE) in the upcoming months.

This breakout has propelled the price above its closely monitored 50-day simple moving average (SMA) at $0.00001242, indicating potential for additional gains.

Institutional interest seems to be a major factor, with trading volumes soaring to 1.25 trillion tokens between 19:00 and 20:00 UTC on July 9, significantly exceeding the daily average of 491 billion.

In addition, SHIB/BTC rose by 3.7% on CoinEx, breaking out of a triangular consolidation pattern established between the highs and lows of June and early July.

This movement may signify the conclusion of SHIB’s year-long downtrend — and as some forecasts for Shiba Inu prices indicate, this could merely be the onset of a much larger rally.

On the other hand, SHIB’s performance against DOGE remains lackluster. The SHIB/DOGE pair has dipped below a crucial trendline support, concluding its recovery rally from the lows in May.

Overall, while Shiba Inu displays encouraging signs against Bitcoin in the short term, its underperformance against Dogecoin underscores differing market sentiments across its trading pairs.

Shiba Inu Price Prediction: Can it Continue Climbing?

Shiba Inu is currently experiencing a notably bullish rally, gaining 9% in the past 24 hours and 17% over the last week. This is largely attributed to the multiplying effect, where if Bitcoin performs well and the market is optimistic, leading meme coins tend to amplify BTC’s gains.

In this instance, Shiba Inu has achieved just that, surpassing Bitcoin’s overnight gain of 6.2% and its seven-day increase of 8.3%.

However, this rally may be poised to lose momentum over the weekend.

This is due to Shiba Inu’s relative strength index (RSI) currently sitting at 66, indicating bullish buying momentum. Once the RSI exceeds 70, the token may become overbought and overpriced, potentially leading to short-term profit-taking that could drive SHIB’s price down.

Nevertheless, the meme coin benefits from solid support at $0.00001, so with favorable market conditions, a rebound seems likely. From this point, the next challenge is the $0.000025 resistance level, but at this stage, strong support at $0.00002 can assist it in consolidating its gains and advancing further.

As SHIB Shows Signs of Strong Growth, Investors Funnel Millions into Newcomer Best Wallet ($BEST)

While Shiba Inu is making headlines, another altcoin is rapidly gaining attention in presale circles – Best Wallet ($BEST).

More than just a crypto wallet, Best Wallet is developing an all-in-one digital finance hub, integrating advanced security, seamless trading tools, and a robust discovery engine for identifying the next significant presale opportunities.

With over $13.8 million already raised, investor confidence is rising — and early participants are hurrying in before the next price increase.

Compatible with both iOS and Android platforms, Best Wallet incorporates a variety of advanced features, including DeFi portfolio management, live asset performance tracking, and yield farming options—all within a user-friendly app interface.

Among its notable features is the “Upcoming Tokens” function, allowing users to discover new crypto projects prior to their public market launches.

Security is a fundamental aspect of Best Wallet’s design.

The platform utilizes Fireblocks’ MPC-CMP encryption to safeguard user funds, and its smart contracts have undergone thorough audits by Coinsult to maintain transparency and operational integrity.

For crypto holders seeking a solution beyond basic storage, Best Wallet offers a sophisticated, feature-rich environment to manage, trade, and grow digital assets with assurance.

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The post Shiba Inu Price Prediction: SHIB Breaks Triangle Pattern Against Bitcoin – Can SHIB Overtake Dogecoin? appeared first on Cryptonews.