Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge
22 April 2024 - 5:20PM
NEWSBTC
In a recent update, Shiba Inu developer Kaal Dhairya
(@kaaldhairya), confirmed that a temporary outage affecting the
Shibarium network has been resolved. The outage, triggered by
networking issues among validators, briefly disrupted services
within the Shiba Inu ecosystem, specifically the layer-2 blockchain
solution, Shibarium. Kaal detailed the cause and the subsequent
resolution of the problem, stating, “There was a temporary
Shibarium outage caused because of networking issues amongst the
validators. Network is back up and running now.” He also noted that
while the primary network functionality has been restored, some
ancillary services such as Shibariumscan or external Remote
Procedure Calls (RPCs) may continue to face disruptions until
additional remedial steps are completed. Related Reading: Shiba Inu
(SHIB) Price Jumps On Growing Support From 1.4 Million Holders Kaal
emphasized the importance of collaboration among infrastructure
teams to enhance communication and streamline operations. He urged
external teams working on infrastructure-level elements such as RPC
to coordinate closely with the Shibarium team. “If you’re an
external team working on infrastructure level for Shibarium (e.g.,
RPC, etc.), please reach out so that we can streamline comms with
you over shared telegram / slack channels,” he said. There was a
temporary shibarium outage caused because of networking issues
amongst the validators. Network is back up and running now, some
services like shibariumscan or external RPCs can still remain down
until the steps provided are implemented. If you’re an external
team… — Kaal (@kaaldhairya) April 22, 2024 Shiba Inu Price Unfaced
The recent price movements of Shiba Inu (SHIB) show no impact of
the Shibarium outage. The four-hour chart for SHIB/USD illustrates
a symmetrical triangle pattern that has governed the asset’s
movement over the past several weeks. Contrary to a direct bullish
sentiment, the price initially broke to the downside of the
triangle on April 12, which typically signals a looming downtrend.
However, in a swift change of fortunes, SHIB found substantial
support at the 100-day EMA and is now testing the extended lower
trendline of the once-confining triangle. At present, the price has
surpassed the crucial resistance-turned-support level marked by the
0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is
also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue
line) is currently serving as crucial support after the first
attempt to break above the extended trendline (black) failed.
Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium
Investment Rules A decisive and sustained break above this level
could invalidate the prior bearish breakout, positioning SHIB for a
potential bullish move to the north. However, volume activity on
the chart indicates a tempered trading environment, lacking the
aggressive spikes typically associated with decisive breakouts.
This could suggest that the market is in a state of contemplation,
with traders awaiting further confirmation before committing to a
clear directional bias. Lastly, the RSI sits at a reading of 67,
which is just shy of the overbought threshold. This placement
implies that there is room for upward movement before the market
becomes overextended. If SHIB battles above the extended lower
trendline, the case for an imminent surge grows stronger,
potentially leading to a rally towards the Fibonacci levels of
0.382 ($0.00002867), 0.5 ($0.00003203) and 0.618 ($0.00003527).
Featured image created with DALL·E, chart from TradingView.com
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