Shiba Inu is underperforming for now despite the market’s strong performance in recent hours.
The cryptocurrency market has shown positive movement over the past 24 hours, with total crypto market capitalization now exceeding $1.7 trillion.
The rally coincided with Bitcoin climbing past the $38,000 level after gaining nearly 2% in value over the same period.
Despite the broader market strength, SHIB, the native token of the Shiba Inu ecosystem, has lagged. SHIB has lost more than 1% of its value in recent hours and faces the risk of further decline.
There is no clear catalyst behind Shiba Inu’s continued weak performance. At the time of writing, SHIB is trading at $0.00002143. If bearish sentiment persists, it could fall below its current support level.
Over the past week SHIB has gained only about 2.5%, a muted performance compared with several major cryptocurrencies. Dogecoin, a principal rival to Shiba Inu, has added more than 5% over the last seven days.
Key levels to watch
The daily SHIB/USD chart looks bearish as Shiba Inu trades in the red. However, technical indicators do not yet signal extreme underperformance.
The 14-day relative strength index (RSI) sits at 58, indicating SHIB is not in oversold territory. If bearish pressure continues, the RSI could drop below 50 in the coming hours.
The MACD line remains above the neutral zone, reflecting Shiba Inu’s relative strength in recent weeks.
As noted, SHIB is trading at $0.00002143. If downside momentum continues, SHIB could lose a major support level at $0.000020 within hours or days. Unless downward pressure persists, a secondary support level around $0.00001880 is likely to cap any further short-term decline.