Shiba Inu rallies by 11% in 24 hours. Will it target the all-time high again?

Shiba Inu has maintained its place as one of the top ten cryptocurrencies by market cap and could rally higher in the coming hours.

The cryptocurrency market has started the new month in a positive fashion, with the prices of most coins rallying by more than 2% over the past 24 hours. Bitcoin is now trading above the $62k level after dropping towards the $60k mark over the weekend.

The leading altcoins are also rallying, with Ether still maintaining its price above the $4,300 level. Solana is the best performer amongst the leading cryptocurrencies, rising by more than 11% over the past 24 hours.

Shiba Inu is one of the best performing coins in recent weeks, with its surge in value making it one of the top coins in terms of market cap. SHIB has maintained its position as the ninth-largest cryptocurrency by market cap.

Shiba Inu price outlook

The SHIB/USD 4-hour chart is looking very bullish at the moment, thanks to Shiba Inu’s rally in recent days. The MACD line is deeply rooted within the bullish zone, while the RSI of 55 shows that Shiba Inu is close to the overbought region.

At the time of writing, SHIB is trading at $0.00007210 per coin, up by 11% over the past 24 hours. The cryptocurrency is down by 17% from its all-time high price of $0.00008616, which it attained last week.

SHIB topped its first major resistance level at $0.0000717 earlier today and has the potential to surge higher in the coming hours. However, it would need the help of the broader cryptocurrency market to test the resistance level at $0.000080 over the next few hours.

In the event of an extended rally, Shiba Inu stands at a chance of attempting to reach its all-time high price of $0.00008616. On the flip side, a move below the $0.0000717 level could see SHIB struggle to defend the $0.0000649 pivot over the next few hours.

Unless there is an extended bearish movement in the market, SHIB should comfortably stay above the major support level at $0.0000602 in the coming hours.