SHIB is the best performer amongst the top 20 cryptocurrencies by market cap on Monday.
It is up by more than 2% today and could rally higher soon.
The broader crypto market continues to slowly recovers from last week’s poor performance.
SHIB outperforms the other major cryptocurrencies
SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap on Monday. It is currently outperforming Bitcoin and the other major cryptocurrencies.
There is no catalyst behind this latest cryptocurrency news. At press time, the price of Shiba Inu stands at $0.00000871. The positive performance comes as the broader crypto market begins its recovery from last week’s poor performance.
The total cryptocurrency market cap remains above $800 billion and could reach the $815 billion level if the positive momentum is maintained. Bitcoin and Ether, the two leading cryptocurrencies by market cap, are also trading in the positive zone and could reach the $17k and $1,250 resistance levels soon if the bulls remain in charge.
Key levels to watch
The SHIB/USD 4-hour chart remains bearish despite Shiba Inu performing well. However, the chart could turn bullish soon as SHIB has been outperforming the broader cryptocurrency market.
The MACD line is below the neutral zone but is set to cross into the positive area soon as SHIB continues to perform well. The 14-day relative strength index of 55 shows that SHIB could be heading toward the overbought region in the near term if the bulls can maintain their momentum.
With the bulls in charge now, SHIB could break past the first major resistance level at $0.00000996 before the end of the day. However, it would need the support of the broader crypto market if it intends to break past the $0.00001091 resistance level in the near term.
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