Recently, Shiba Inu developer Kaal Dhairya (@kaaldhairya) announced that a problem with the Shibarium network, which caused an interruption in its services due to networking difficulties among validators, has been fixed. This issue impacted the Shiba Inu ecosystem, particularly the layer-2 blockchain solution named Shibarium.
Kaal explained the reason for the Shibarium interruption and its resolution, saying, “A temporary outage in Shibarium occurred due to networking troubles amongst the validators. The network is operational again now. However, some supplementary services like Shibariumscan or external RPCs might still experience disruptions until further corrective actions are taken.”
Kaal highlighted the need for infrastructure teams to work together closely to improve communication and make processes more efficient. He encouraged external teams dealing with Shibarium’s infrastructure, like those working on RPC, to collaborate closely with the Shibarium team. He invited these external teams to connect with them through shared Telegram or Slack channels for smoother communication.
Validators encountered networking problems, resulting in a brief interruption of Shibarium’s operation. The network has been restored, but some Shibarium services like Shibariumscan and external RPCs may still be offline until certain actions are taken. For external teams:
— Kaal (@kaaldhairya) April 22, 2024
Shiba Inu Price Unfaced
Over the last few weeks, the price action of Shiba Inu (SHIB) on the four-hour chart versus the US dollar has followed a symmetrical triangle pattern, indicating equal upward and downward pressure, with no clear impact from the recent Shibarium outage visible.
Instead of a straight bullish outlook, the price dipped below the triangle’s base on April 12 contrary to expectations. This move often indicates an upcoming downtrend. However, SHIB experienced a surprising turnaround and found significant backing at its 100-day moving average. Currently, it is challenging the extended lower boundary of the previous triangle.
Currently, the price of SHIB has moved beyond the significant resistance-turned-support point indicated by the $0.00002472 mark, which aligns with the 0.236 Fibonacci retracement level on the chart. It is worth mentioning that SHIB is also transacting above all Exponential Moving Averages (EMAs) in the 4-hour timeframe. The 200 EMA, represented by the blue line, plays a critical role as support following an unsuccessful attempt to breach the extended trendline (black).
If SHIB manages to convincingly rise above its current level, it could signify that the previous bearish trend has been reversed, potentially leading to an upward trend. However, the muted trading volume in the chart suggests a cautious market atmosphere, unlike the strong buying pressure usually seen during decisive breakouts.
The market might be in deliberation, as traders are holding back and looking for more signals to establish a strong trend. Additionally, the RSI indicator is at 67, which is close but not yet above the overbought level. This suggests that there’s still potential for the market to rise further before reaching an extended state.
If SHIB manages to break above its previous downward trendline, the likelihood of a significant price increase becomes more probable. This could result in a climb towards the Fibonacci retracement levels of $0.00002867 (23.6%), $0.00003203 (38.2%), and $0.00003527 (50%).
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2024-04-22 10:34