Will Shiba Inu dip below the $0.000020 level?

Shiba Inu is underperforming at the moment despite the broader market performing well over the past few hours.

The cryptocurrency market has been performing well over the past 24 hours, with the total crypto market cap now above $1.7 trillion.

The rally comes as Bitcoin topped the $38k mark after adding nearly 2% to its value over the past 24 hours.

Despite the broader market performing well in the last hours, SHIB, the native token of the Shiba Inu ecosystem, has been underperforming. SHIB has lost more than 1% of its value over the past few hours and could be set to dip lower.

There is no major catalyst behind Shiba Inu’s ongoing poor performance. At press time, SHIB is trading at $0.00002143. It risks dropping below its current support level if the bearish sentiment continues.

Over the past week, SHIB has added only 2.5% to its value, which is poor compared to some of the leading cryptocurrencies. Dogecoin, Shiba Inu’s major competitor, has added more than 5% to its value in the last seven days.

Key levels to watch

The SHIB/USD daily chart is looking bearish as Shiba Inu is trading in the red zone. However, the technical indicators show that Shiba Inu is not underperforming at the moment.

The 14-day relative strength index of 58 shows that Shiba Inu is not in the oversold region. If the bearish sentiment continues, the RSI could drop below 50 over the coming hours.

The MACD line is still above the neutral zone, thanks to Shiba Inu’s performance over the past few weeks.

At press time, SHIB is trading at $0.00002143. If the bearish sentiment continues, SHIB could lose the major support level at $0.000020 over the coming hours or days. Unless there is an extended bearish performance, the second major support level at $0.00001880 should cap any further downward movement in the short term.