The cryptocurrency market has slightly recovered from its recent losses, but Shiba Inu is currently outperforming the other coins.
The cryptocurrency market has been underperforming since the start of the week, with Bitcoin briefly dropping below the $40k psychological level. The total cryptocurrency market cap has also dropped to the $1.8 trillion level.
However, the broader crypto market has performed well over the past 24 hours. The total cryptocurrency market cap has increased by less than 1%, while Bitcoin is also trading in the green zone again.
However, SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. SHIB is up by more than 20% over the past 24 hours, outperforming the other major cryptocurrencies in the process.
The primary catalyst behind this rally is the listing of the meme coin on Robinhood. Robinhood is one of the leading trading platforms globally and has a huge appeal amongst the younger generation.
Another catalyst is the announcement from the Shiba Inu team that its land sale on the metaverse is now live. To participate in this early access event, users must have LEASH or SHIBOSHI locked and utilize the locking system.
Key levels to watch
The SHIB/USD 4-hour chart is the most bullish amongst the top 20 cryptocurrencies by market cap.
The MACD line is above the neutral zone, indicating a bullish momentum for Shiba Inu. the 14-day relative strength index of 64 shows that SHIB could soon enter the overbought region if the rally continues.
At press time, SHIB is trading at $0.00002729 per token. In the event of an extended rally, SHIB could break past the $0.0000321 level for the first time since February 2022.
However, Shiba Inu would need the support of the broader cryptocurrency market if it is to trade above $0.000040 for the first time this year.