The cryptocurrency market underwent a correction earlier this week, with Shiba Inu one of the top performers during that period.

The crypto market is recovering from its recent correction, with the prices of most coins up by more than 1% over the past 24 hours. Bitcoin is trading above the $61k level after dropping below the $59k mark earlier this week.

Ether set a new all-time high above $4,400 a few hours ago after rallying by more than 10% over the past 48 hours. The rally comes just a few days after Ether dropped below the 4,000 level. The other leading cryptocurrencies are also rallying at the time of this report.

Shiba Inu has been one of the top performers over the past week, rising by more than 160% in the last seven days. The rally saw Shiba’s market cap grow to nearly $40 billion, and it has overtaken Dogecoin to become the ninth-largest cryptocurrency by market cap.

Shiba Inu price outlook

The SHIB/USDT 4-hour chart is currently bullish, thanks to the cryptocurrency’s excellent performance over the past week. The MACD line is in the bullish zone following the recent rally, while the relative strength index (RSI) is close to 60, indicating that the coin is near the overbought region.

For the day ahead, Shiba Inu needs to surpass the $0.0000715 pivot to allow it to move towards the first major resistance level at $0.0000860. Support from the broader crypto market will be required if SHIB is to surpass Wednesday’s all-time high of $0.00008872 in the coming hours. The current all-time high could cap further upward movement in the short term.

Failure to move past the $0.0000715 pivot could see SHIB struggle to defend two crucial points, which are its 38.2% FIB at $0.0000568 and the first major support level at $0.0000544. Unless there is an extended period of sell-off from the market, SHIB should steer clear of the sub-$0.000050 levels over the next few hours.

This post was originally published on Coinlist.