SHIB rallies by 12% as the broader market underperforms

The cryptocurrency market has shed some of the gains it recorded earlier this week.

The cryptocurrency market has underperformed over the past 24 hours. The market has lost more than 3% over the past few hours, with the total market cap now under the $900 billion mark again.

Bitcoin has lost its support above the $21k level and risks dropping below $20k for the first time this week. Ether also risks dropping below $1,000 after losing more than 7% of its value in the last 24 hours.

However, SHIB, the native token of the Shiba Inu ecosystem, is up by more than 12% in the last 24 hours. Thanks to this ongoing rally, SHIB is the best performer amongst the top 20 cryptocurrencies by market cap today.

There is no catalyst behind SHIB’s ongoing positive performance. Amongst the top 100 cryptocurrencies by market cap, SHIB is the second-best performer, only behind WAVES.

Over the past seven days, SHIB has added more than 23% to its value, which is superior to some of the leading cryptocurrencies.

Key levels to watch

The SHIB/USD 4-hour chart is bullish as Shiba Inu has been performing well since the start of the week. The technical indicators show that SHIB is recovering from the losses recorded last week.

The MACD line is within the positive territory, indicating bullish momentum in the near term. The 14-day relative strength index of 58 shows that SHIB is no longer in the oversold region.

At press time, SHIB is trading at $0.00000947. If the rally continues, SHIB could surge past the $0.00001084 resistance level before the end of the day. However, it would need the support of the broader market to move past the $0.00001240 in the short term.

The bear market is still in play and SHIB could drop below the $0.00000906 support level if the bears regain control.