What sparked Shiba Inu’s 15% rally today?
Shiba Inu is the top performer amongst the leading 20 cryptocurrencies by market cap over the last 24 hours.
The cryptocurrency market has continued its recent recovery move, with the total market cap now close to $2 trillion.
Bitcoin leads the recovery charge after adding nearly 2% to its value over the past 24 hours. At press time, Bitcoin is trading above the $43k level.
While the broader market is performing well, some cryptocurrencies have been underperforming. SHIB, the native token of the Shiba Inu, is the best performer amongst the top 20 cryptocurrencies by market cap over the past few hours.
There is no major catalyst behind SHIB’s ongoing rally. At press time, SHIB is trading above the $0.0000320 level. The rally is due to the ongoing broader cryptocurrency market rally. If the bulls remain in charge, SHIB’s value could increase over the coming hours and days.
Key levels to watch
The SHIB/USD 4-hour chart is currently the most bullish amongst the top 20 cryptocurrencies by market cap. The technical indicators are positive, indicating a bullish performance by the meme token.
SHIB’s MACD line is deep within the positive territory, an indication of the strong buying pressure on Shiba Inu at the moment. The RSI of 50 shows that SHIB could soon enter the overbought region if the rally continues.
If the market rally continues, SHIB could test the first major resistance level at $0.00003972 over the coming hours. The second major resistance level at $0.00004347 should cap further upward movement for Shiba Inu unless there is an extended rally.
SHIB would need the support of the broader cryptocurrency market if it should trade above the $0.000050 psychological level for the first time since November 2021.
