Heading into the Christmas holidays, Shiba Inu's cryptocurrency has seen a 7% increase in price over the last 24 hours. The overall improvement in market conditions has helped lift the prices of cryptocurrencies, including Shiba Inu.
Shiba Inu's Growth and Market Trends
Bitcoin's price rebounded to highs of $99,000, with the positive sentiment spilling over to Shiba Inu, contributing to its price increase.
Recent Achievements in the Shiba Inu Ecosystem
Positive developments in the Shiba Inu ecosystem might have also helped boost investor sentiment. Shiba Inu announced early access to SHIB: The Metaverse. Shiba Inu lead Shytoshi Kusama praised the team's efforts and hinted at more surprises to come: "This is just the beginning." Also, Shiba Inu's layer-2 solution, Shibarium, has reached a historic milestone by exceeding 702 million transactions.
Shiba Inu's Future Prospects
At the time of writing, Shiba Inu was trading at $0.000023, up by 3.35% in the last 24 hours. To extend the current recovery, the SHIB price must overcome the resistance level at $0.000024 and the SMA 50 at $0.00002577. On the flip side, support is expected at the SMA 200 at $0.0000187.
Overall, broader market conditions might significantly affect SHIB's price trajectory. If Bitcoin and other major cryptocurrencies continue their upward momentum, it might provide additional support for SHIB.
