Shiba Inu Could Test The $0.00008 Resistance After Rallying By More Than 13%

Shiba Inu (SHIB) has maintained its position as one of the leading cryptocurrencies in terms of market cap and could target its all-time high level again following its recent rally.

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SHIB Rallies By More Than 13%

Shiba Inu is one of the best-performing cryptocurrencies in recent weeks. The coin broke into the top ten coins by market cap and has maintained its ninth position in recent days. SHIB is up by 13% over the past 24 hours and could rally higher.

At the time of writing, SHIB is trading at $0.00007307 per coin, up by 13% over the past 24 hours. It is only down by 15.3% from its all-time high price of $0.00008616, which it attained a few days ago.

SHIB has surpassed its first major resistance level at $0.0000717 earlier today, and that could allow it to surge higher. The broader cryptocurrency market could experience further breakout over the coming hours, allowing SHIB to test the resistance level at $0.000080 before any pullback.

Shiba Inu will need to embark on an extended rally if it stands a chance to make a move towards its all-time high price of $0.00008616. However, in the event of a bearish movement in the market, SHIB could drop below the $0.0000717 level over the next few hours and could bring the $0.0000649 pivot into focus.

Unless there is an extended bearish run in the market, SHIB should steer clear of the major support level at $0.0000602 over the next 24 hours.

Altcoins Start November In A Positive Light

Altcoins have started the new month in a positive light. Most of the leading altcoins are up by more than 1% at the time of writing. Ether continues to trade above the $4,300 level and could soon target the $4,400 mark again.

Binance Coin, Cardano, Solana, Polkadot and Dogecoin are all trading in the green zone, with XRP the only loser in the midst. Bitcoin is also up by 2.1% over the past 24 hours and is now trading above the $62k level.