Cryptocurrency Market Recovers Slightly from Recent Losses, with Shiba Inu Leading the Pack
The digital asset market has been subdued since the start of the week, with Bitcoin slipping below the psychological $40,000 level and the total cryptocurrency market capitalization falling to around $1.8 trillion.
Over the past 24 hours, however, the broader crypto market has shown modest improvement. Total market value rose by just under 1%, and Bitcoin returned to positive territory during the latest trading session.
Notably, SHIB, the native token of the Shiba Inu ecosystem, outperformed other top cryptocurrencies by market capitalization. SHIB gained more than 20% over the last 24 hours, outperforming many major digital assets during the same period.
One primary catalyst for this sharp move was the listing of meme coins on the Robinhood platform. Robinhood is one of the leading retail trading platforms worldwide and carries significant influence among younger investors, which helped boost interest in SHIB.
Another contributing factor was an announcement from the Shiba Inu team that land sales on the Shib metaverse are now available. To participate in this Early Access event, users must stake LEASH or hold a SHIBOSHI and use the platform’s locking mechanism.
Key Levels to Watch
The SHIB/USD 4-hour chart shows one of the strongest bullish setups among the top 20 cryptocurrencies by market cap.
The MACD line sits above the midpoint, reflecting bullish momentum for Shiba Inu. The 14-day Relative Strength Index (RSI) reads 64, suggesting SHIB could enter overbought territory if upward momentum continues.
At the time of writing, SHIB trades around $0.00002729 per token. If the rally extends, SHIB could challenge the $0.0000321 level for the first time since February 2022.
That said, for Shiba Inu to reclaim and sustain levels above $0.000040 for the first time this year, it will require continued support from the broader cryptocurrency market.