In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya) confirmed that a temporary glitch in the Shibarium network has been resolved. The outage, caused by network issues between validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.
Explaining the cause and subsequent resolution of the issue, Kaal stated: “There was a temporary Shibarium outage caused due to network issues with the validators. The network is now active again.” He also noted that while primary network functionality has been restored, some support services such as Shibarium scan or remote Remote Procedure Calls (RPCs) may still experience disruptions until additional recovery steps are completed.
Kaal emphasized the importance of collaboration between infrastructure teams to improve communications and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to work closely with the Shibarium team. “If you are a remote team working at the infrastructure level for Shibarium (e.g. RPC, etc.), please contact us so we can streamline communication with you via shared telegram/slack channels,” he said.
There was a temporary shibarium outage caused by network issues between the validators. The network is now active again. Some services, such as shibarium scan or remote RPCs, may still remain offline until the indicated steps are implemented. If you are a remote team…
— Kaal (@kaaldhairya) April 22, 2024
Shiba Inu price unfaceted
The recent price movements of Shiba Inu (SHIB) show no impact from the Shibarium disruption. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has defined the asset’s movement in recent weeks.
Contrary to the immediate bullish sentiment, the price initially broke to the bottom of the triangle on April 12, which generally signals an impending downtrend. However, in a quick change of fortune, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once restrictive triangle.
Currently, the price has crossed the crucial resistance level marked by the 0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is also trading above all EMAs on the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the initial attempt to break above the extended trendline (black) failed.
A decisive and sustained break above this level could negate the previous bearish breakout, positioning SHIB for a potential bullish move north. However, the volume activity on the chart indicates a subdued trading environment, lacking the aggressive spikes that typically accompany decisive breakouts.
This could indicate that the market is in a state of contemplation, with traders waiting for further confirmation before making a clear directional bias. Finally, the RSI is at 67, which is just below the overbought threshold. This placement implies that there is room for upside before the market becomes overloaded.
If SHIB battles above the extended lower trendline, the case for an impending upside becomes 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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