Shiba Inu Faces Selling Pressure After Shibarium Launch: Security Concerns Arise

Shiba Inu Faces Selling Pressure After Shibarium Launch

Shiba Inu has experienced a sell-off following the launch of the Layer 2 scaling protocol, Shibarium. The launch encountered difficulties shortly after, raising concerns about network security. The team temporarily took the network offline to focus on enhancing security and conducting deep testing on the blockchain. Investors are hoping for a rebound in the price of SHIB, but market conditions make it unlikely.

Key Points:

Shiba Inu faces selling pressure after the launch of Shibarium
The team is focusing on enhancing security and conducting testing on the blockchain
Investors are experiencing losses and hope for a rebound in SHIB price
All indicators suggest a bearish outcome for SHIB
Shiba Inu’s fate depends on the success of the Shibarium protocol

Possible Price Rebound for SHIB

The success of the Shibarium protocol will determine the future of Shiba Inu. If the protocol fails again, SHIB may face significant losses. However, on longer timeframes, there is still hope for a recovery. The MACD indicator suggests a relatively bullish outlook on the weekly chart. If bulls can prevent another sell signal, a rebound towards $0.00001 could occur. Support at $0.0000078 is being tested and holding at this level would indicate a shift in control from bears to bulls.

Hot Take:

Shiba Inu’s recent sell-off and the challenges faced by the Shibarium protocol have put the future of SHIB in question. While there is still hope for a rebound, the prevailing market conditions make it challenging. Investors should closely monitor developments with the Shibarium protocol to assess the potential for a recovery in SHIB price.