Shiba Inu Rallies by More Than 28%. Is it on Track to Recover Lost Gains?

Shiba Inu recorded massive losses earlier this week to lose its place amongst the top ten by market cap, but it has rallied by nearly 30% over the past 24 hours.

SHIB Rallies by Nearly 30%

Shiba Inu is one of the best performing cryptocurrencies in the market at the moment. The leading meme coin has added more than 28% to its value over the past 24 hours, giving it a chance to make a move towards the top ten list again.

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At the time of writing, SHIB is trading at $0.0000572, up by 29% since the start of the day. Its market cap is above the $30 billion level again, and it could look to surpass the USDC stablecoin and become the tenth-largest cryptocurrency by market cap again.

The rally came just a few days after SHIB experienced a massive dip. The dip was a result of a whale moving more than $2.3 billion worth of SHIB tokens, resulting in a massive sell-off of the coin and a decline in its trading price.

SHIB Could Rally Higher in the Coming Hours

Shiba Inu could look to top the $0.000065 resistance over the next few hours if it can maintain its current momentum. At the time of writing, the SHIB/USD chart is bullish, with its MACD line deeply within the positive territory.

SHIB’s RSI is also heading into the overbought territory, indicating that more buyers are coming into the market than sellers. By surpassing the $0.000065 resistance level, SHIB could rally higher and make a move towards the $0.000070 mark. When that happens, Shiba Inu would surpass USDC and become the tenth-largest cryptocurrency by market cap.

SHIB is still down by 34% from its all-time high of $0.00008616 and would need the support of the broader cryptocurrency market if it intends to surge towards that level again.