In a recent development, Shiba Inu blockchain architect, Kaal Dhairya, confirmed that a temporary outage that had assailed the Shibarium network has been effectively rectified. The service disruption, due to networking complications amongst the validators, briefly caused a rippling effect within the Shiba Inu blockchain ecosystem, particularly affecting its layer-2 blockchain solution, the impeccably designed Shibarium.
Dhairya extensively elaborated on the cause of the complication and the subsequent resolution. He stated, “A momentary Shibarium outage was instigated due to networking complications amongst the validators. The network, however, is back on its feet, running decisively and efficiently.” Notably, he urged the community not to panic if certain ancillary services such as Shibariumscan or outside Remote Procedure Calls (RPCs) continued to face intermittent disruptions till all remedial steps come to a fruitful completion.
In his statement, Dhairya was quick to underpin the significance of teamwork and collaboration within the infrastructure teams to foster an environment of efficient communication and seamless operations. He appealed to the external teams entrusted with infrastructural-level responsibilities such as RPC to align closely with the Shibarium crew.
On the financial front, the Shiba Inu cryptocurrency (SHIB) remains unfazed by the temporary Shibarium outage, as evident from its recent price movements. The four-hour chart for SHIB/USD shows a symmetrical triangle pattern driving the digital asset’s movement over the past weeks.
Contradicting the unanimous bullish sentiment on April 12, the price mildly dropped to the triangle’s downside, usually hinting at an impending downtrend. But quick to turn the tide, SHIB found noteworthy support at the 100-day EMA, and is now contesting the extended lower trendline of the previously confining pattern.
Currently, SHIB’s price has not only slipped past the pivotal resistance-cum-support level outlined by the 0.236 Fibonacci retracement level at $0.00002472, but on a gratifying note, it trades above all EMA’s on the 4-hour chart. Visual representation depicts the 200 EMA assuming the mantle of a crucial support after the first attempt to ascend above the extended trendline failed.
A definitive and continued advance above this level could potentially render previous bearish breakouts redundant, positioning Shiba Inu for a potentially bullish trajectory. However, a conspicuous lack of aggressive trading spikes, synonymous with decisive breakouts, seems to indicate the market’s contemplative mood. The volume activity paints a picture of an environment where traders are biding their time, awaiting further indicators to commit to a clear directional bias.
As the last point of analysis, the Relative Strength Index (RSI) currently hovers at 67, falling just short of the overbought benchmark. It suggests that there is ample room for upward movement before the market reaches overextension.
Should SHIB successfully contest above the extended lower trendline, the likelihood of an impending surge strengthens, potentially propelling it towards a rally to Fibonacci levels of 0.382 ($0.00002867), 0.5 ($0.00003203), and 0.618 ($0.00003527).
Credit: Source link