In a remarkable turn of events, Shiba Inu (SHIB) has witnessed a remarkable surge, gaining 7% in value within the span of just one hour, marking a standout performance amidst a broader crypto market rebound.

This sudden rise is particularly striking as it occurred in the absence of any major news or announcements over the weekend, suggesting that technical factors have primarily driven the rally. In the cryptocurrency market, where price movements are often influenced by patterns, trends, and indicators rather than fundamental news, SHIB's 7% surge appears to be the result of such technical factors.

Traders and analysts have noted that SHIB's price rebounded sharply from a key support level, indicating that the token was oversold in the very short term. Following a period of relative stagnation last week, traders were eagerly awaiting a decisive move from SHIB.

On the hourly chart, Shiba Inu recorded three significant green hourly candlesticks after bouncing off support at lows of $0.00002155. In the most recent hour, SHIB posted a substantial green candlestick, the largest in the past four hours, with prices reaching highs of $0.00002395.

At the time of reporting, SHIB had surged by 5.52% in the last 24 hours, trading at $0.00002357. The broader crypto market has also shown signs of recovery, with several major cryptocurrencies reclaiming lost ground. This overall market rebound has fostered positive sentiment among investors, potentially contributing to SHIB's rapid price increase.

The combination of market optimism and favorable technical indicators has created a conducive environment for SHIB's surge. As SHIB continues to chart its course, traders are closely monitoring price movements to identify potential resistance levels amid speculation about its future trajectory.

Additionally, investors are gearing up for the release of significant CPI data for April in the United States this week, anticipating potential market volatility as a result. This macroeconomic event could have implications for cryptocurrency markets, adding another layer of complexity to SHIB's price movements in the days ahead.