Will Shiba Inu Rally Towards USD 0.000040 Soon?

The leading meme coins have performed well over the past few hours and could extend gains if the rally continues.

The cryptocurrency market has seen mixed performance over the past few hours, with some coins currently in decline.

However, the crypto market cap is still around the $2 trillion mark despite the mixed performance. Bitcoin is trading around the $42,000 level after failing to surpass the $45,000 resistance level.

Ether, the second largest cryptocurrency by market cap, is trading around $3,200 and is down less than 1% in the past 24 hours.

SHIB, the native token of the Shiba Inu ecosystem, is one of the top performers among the leading cryptocurrencies. SHIB is up more than 5% in the last 24 hours and it is currently trading at the $0.000031 level.

If market conditions can be sustained, Shiba Inu could see further growth in the hours and days ahead and could trade above $0.000040 for the first time in months.

Important levels at a glance

The SHIB/USD 4-hour chart is bullish at the moment following the cryptocurrency's performance over the past few days. The MACD line has crossed the neutral zone and is now in positive territory.

The RSI of 54 shows that SHIB has exited the oversold territory and could become overbought if market conditions stay the same. Technical indicators show that SHIB is performing well and could see more gains in the coming hours and days.

If the bulls remain in control, SHIB could surpass the $0.000037 resistance level in the coming hours. Barring extended bullish performance, the second major resistance level at $0.000045 should cap further upside.

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