Shiba Inu coin (SHIB) price is up 2.53% on the Christmas day. On the monthly timeframe, the popular dogcoin has posted 32% gains in December so far and the outlook remains very positive. For more upside, SHIB crypto needs to break above a few key levels which are acting as supply zones.
At the time of writing, the second biggest memecoin by market capitalization is trading at $0.00001094 on crypto exchanges. The daily trading volume of the altcoin remained $208 million in the past 24 hrs.
In terms of market capitalization, only Dogcoin is bigger than Shiba Inu coin. Even though many new memecoins have gained popularity this year. None of them has been able to overtake DOGE or SHIB. However, on the yearly timeframe, the top two dogcoins have immensely underperformed the border meme coin market.
SHIB/USD chart shows that the current price is almost 33% above the 200-daily moving average. This shows that the bulls have the momentum to aim for more upside. However, the immediate resistance of $0.00001136 needs to be broken to unlock this upside.
A breakout above this resistance will put Shiba Inu coin price prediction of $0.00001800 on the cards. This price level was the August 2022 peak, and there lies a lot of buy-side liquidity above this level.