Shiba Inu (SHIB) has experienced a significant drop in price, hitting July lows at $0.000000726 after a 20% decline. The decline is attributed to a broader market sell-off as Bitcoin and Ethereum also experienced significant drops. Additionally, SHIB holders faced a setback related to the cryptocurrency’s layer-2 network, Shibarium. Despite the setbacks, the SHIB price could potentially recover to the $0.00001 level, or it may continue to face declines to key support levels.
Shibarium Faces Technical Issues Shortly After Launch
Shibarium, a layer-2 network developed by Shiba Inu as a fork of Polygon, experienced technical difficulties soon after its launch. The network went offline due to unprecedented traffic. However, the Shiba Inu team has provided an update with optimism for a quick reboot, as major players within the ecosystem have offered assistance. Although the exact time of the reboot is unclear, the positive response from the community has led to a slight increase in the SHIB price.
SHIB Price Outlook After Shibarium Setback
The 4-hour chart shows a bounce in the SHIB price from its lows at $0.00000726 to intraday highs at $0.0000087. However, this bounce occurred in a previous resistance zone, indicating that further upward movement may require more effort from the SHIB community to reach the psychological level of $0.00001. If downward pressure continues, key support levels to watch are at $0.000008 and $0.0000075, with the 4-hour RSI suggesting that selling pressure is still present.
What caused the decline in SHIB price?
The decline in SHIB price was primarily due to a broader market sell-off, with Bitcoin and Ethereum also experiencing significant drops. Additionally, SHIB holders faced a setback related to the Shibarium layer-2 network.
What is Shibarium?
Shibarium is a layer-2 network developed by Shiba Inu as a fork of Polygon. It aims to bring new functionality to the Shiba Inu ecosystem.
Can the SHIB price recover?
There is a possibility that the SHIB price could recover to the $0.00001 level. However, it will require further effort from the SHIB community. If selling pressure continues, the price may face further declines.
What are the key support levels to watch for SHIB?
The key support levels to watch for SHIB are at $0.000008 and $0.0000075.
When will Shibarium be back online?
The exact time of the Shibarium reboot is unclear. However, the Shiba Inu team is working on resolving the technical issues and has received assistance from major players within the ecosystem.