Kaal Dhairya, the developer behind Shiba Inu, recently announced the resolution of a temporary disruption that affected the Shibarium network. The problem, rooted in network issues among validators, led to a temporary halt of services within the Shiba Inu ecosystem, particularly affecting the Layer-2 Blockchain solution, Shibarium. Dhairya has confirmed that the network is operational again, although some related services might still experience intermittent issues until full remediation is achieved.
Addressing Network Challenges
In his update, Dhairya emphasized the importance of enhancing communication channels and coordination among infrastructure teams to preempt similar issues in the future. He advised maintaining rigorous collaboration with the Shibarium team and strengthening ties with external teams responsible for infrastructure to ensure smooth operations.
Impact on Shiba Inu’s Market Performance
Despite the network disruption, the trading pattern for the SHIB/USD pair showed a notable formation of a symmetrical triangle on the four-hour chart, suggesting a potential shift in market dynamics. Initially, the price seemed poised for an upward trajectory but instead broke downwards, indicating a potential downtrend. However, the price found substantial support at the 100-day EMA and is currently testing the lower trend line of the triangle.
Considered Points
- Continuous monitoring and strengthening of infrastructure communications are critical.
- Market trends for SHIB indicate potential volatility and require close observation.
- Investors should watch for significant supports and resistances as indicators for future price movements.
Currently, SHIB has crossed above the 0.236 Fibonacci retracement level and is trading higher than all EMAs, suggesting a possible invalidation of the previous downward trend. Although market volume remains moderate, which might limit aggressive price movements, the asset’s placement above a crucial EMA could signal emerging bullish momentum. Investors continue to watch for a definitive trend as the market contemplates the next directional move.