Shibarium Relaunch Fails to Trigger SHIB Price Rally

Shibarium Relaunch Fails To Trigger SHIB Price Rally

Despite the reopening of Shibarium’s bridge to Ethereum for withdrawals, Shiba Inu (SHIB) bulls are still facing losses. The meme coin is currently trading at $0.00000795, down 2% on Monday. If support at $0.000008 is not reclaimed, investors should prepare for potential losses at lower congestion areas of $0.000007 and $0.0000062.

Updates on Shibarium and Withdrawal Process

Shytoshi Kusama, SHIB’s lead network developer, has provided updates on the new Shibarium layer 2 solutions protocol. After encountering scalability issues, the protocol was offline for a week while developers worked on addressing the challenges and enhancing network security. The reopening of the bridge to Ethereum allows users to withdraw various tokens, including SHIB, LEASH, and WEth. Withdrawals are expected to be processed within 45 minutes to four hours, except for BONE, which may take up to seven days.

Network Growth and Reopening Channels

The network has seen significant growth, with over 65,000 wallets and 350,000 transactions accumulated so far. Shytoshi expressed confidence in the safety of funds and the readiness of Shibarium for prime time. As a result, the channels have been reopened for users.

What’s Next for SHIB Price

For SHIB price to rebound, it is crucial for support to hold steady at $0.000008. However, the current state of the crypto market suggests a downward path of least resistance, with attention drawn to $0.000007 and $0.0000062. The Moving Average Convergence Divergence (MACD) indicator signals a sustained sell signal since mid-August, making a recovery beyond $0.0001 unlikely for now. Short positions in SHIB may turn profitable if $0.000008 resistance does not become support in the short term.

Hot Take

Despite the reopening of Shibarium and updates on the protocol, SHIB bulls are still facing losses. With the current market conditions, a rebound for SHIB price seems unlikely in the near future. Traders should closely monitor support levels and consider closing bearish positions if SHIB touches the $0.0000062 support.