Major meme coins have performed well in recent hours and could extend gains if the rally continues.
The cryptocurrency market has been experiencing mixed performance in recent hours, with the prices of some coins currently at a low.
However, the cryptocurrency market cap is still around the $2 trillion mark despite mixed performance. Bitcoin is trading around the $42K mark after failing to overcome 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 last 24 hours.
SHIB, the native token of the Shiba Inu ecosystem, is one of the top performers among the top cryptocurrencies. SHIB has added more than 5% to its value in the last 24 hours and is currently trading at the $0.000031 level.
If the market condition can be sustained, the Shiba Inu could see more growth in the coming hours and days and trade above $0.000040 for the first time in months.
Key levels to watch
The 4-hour chart SHIB/USD is currently bullish, following the cryptocurrency's performance over the past few days. The MACD line has crossed the neutral zone and is now within the positive territory.
The 54 RSI shows that SHIB has exited the oversold region and could be overbought if market conditions remain the same. Technical indicators show that SHIB is performing well and could post further gains in the coming hours and days.
If the bulls remain in control, SHIB could break through the $0.000037 resistance level in the next few hours. Unless there is a prolonged bullish performance, the second major resistance level at $0.000045 should limit the upward move further.
Will Shiba Inu go up to $0.000040 soon? appeared first on Bitcoin Guide .