In a festive twist, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 7% increase in price within the last 24 hours. The cryptocurrency market experienced a boost heading into the Christmas holiday.
Bitcoin rebounded as high as $99,000, with its price nearing six figures once more. This overall market optimism has spilled over to Shiba Inu, helping to lift its price.
Positive developments in the Shiba Inu ecosystem might have also helped to boost investor sentiment.
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In positive news, Shiba Inu has announced early access to SHIB: The Metaverse.
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In response to this milestone, Shiba Inu lead Shytoshi Kusama lauded the SHIB team's efforts, saying, "Exactly. I can't credit for this. Many, many incredible people have worked together to make this possible," while teasing further surprises — "And we still have surprises in store. This is just the first of many things coming soon."
Shiba Inu's layer-2 solution, Shibarium, has also reached a historic milestone, exceeding 702 million total transactions.
What's next for Shiba Inu's price
At the time of writing, Shiba Inu was trading at $0.000023, up 3.35% in the last 24 hours, after paring back some of its intraday gains. Following two days of rising, Shiba Inu touched highs of $0.00002406 in today's trading session. Shiba Inu's trading volume in the last 24 hours rose by nearly 28% to reach $758.17 million.
SHIB/USD Daily Chart, Courtey: TradingView
Shiba Inu's latest rise has brought it to a retest of the $0.000024 level, where its rally paused on Dec. 21. Shiba Inu's price slightly declining at this level in today's trading session suggests that Shiba Inu might have confirmed short-term resistance at this key level.
To extend the current recovery, the SHIB price must surmount this barrier as well as the daily SMA 50 at $0.00002577. On the other hand, support is envisaged at the daily SMA 200 at $0.0000187, where Shiba Inu confirmed support in November and December as well.
Broader market conditions might play a significant role in SHIB's price trajectory. If Bitcoin and other major cryptocurrencies continue their upward momentum, it could provide tailwinds for SHIB.
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