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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Team Fixes Shibarium Outage As SHIB Readies For Potential Surge

Jake Simmons
Jake Simmons
1 year ago
2 mins read
Shiba Inu price Shibarium outage

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In a recent update, Shiba Inu developer Kaal Dhairya (@kaaldhairya), confirmed that a temporary outage affecting the Shibarium network has been resolved. The outage, triggered by networking issues among validators, briefly disrupted services within the Shiba Inu ecosystem, specifically the layer-2 blockchain solution, Shibarium.

Kaal detailed the cause and the subsequent resolution of the problem, stating, “There was a temporary Shibarium outage caused because of networking issues amongst the validators. Network is back up and running now.” He also noted that while the primary network functionality has been restored, some ancillary services such as Shibariumscan or external Remote Procedure Calls (RPCs) may continue to face disruptions until additional remedial steps are completed.

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Kaal emphasized the importance of collaboration among infrastructure teams to enhance communication and streamline operations. He urged external teams working on infrastructure-level elements such as RPC to coordinate closely with the Shibarium team. “If you’re an external team working on infrastructure level for Shibarium (e.g., RPC, etc.), please reach out so that we can streamline comms with you over shared telegram / slack channels,” he said.

There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…

— Kaal (@kaaldhairya) April 22, 2024

Shiba Inu Price Unfaced

The recent price movements of Shiba Inu (SHIB) show no impact of the Shibarium outage. The four-hour chart for SHIB/USD illustrates a symmetrical triangle pattern that has governed the asset’s movement over the past several weeks.

Contrary to a direct bullish sentiment, the price initially broke to the downside of the triangle on April 12, which typically signals a looming downtrend. However, in a swift change of fortunes, SHIB found substantial support at the 100-day EMA and is now testing the extended lower trendline of the once-confining triangle.

Shiba Inu price
SHIB price, 4-hour chart | Source: SHIBUSD on TradingView.com

At present, the price has surpassed the crucial resistance-turned-support level marked by the 0.236 Fibonacci retracement level at $0.00002472. Notably, SHIB is also trading above all EMA’s in the 4-hour chart. The 200 EMA (blue line) is currently serving as crucial support after the first attempt to break above the extended trendline (black) failed.

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A decisive and sustained break above this level could invalidate the prior bearish breakout, positioning SHIB for a potential bullish move to the north. However, volume activity on the chart indicates a tempered trading environment, lacking the aggressive spikes typically associated with decisive breakouts.

This could suggest that the market is in a state of contemplation, with traders awaiting further confirmation before committing to a clear directional bias. Lastly, the RSI sits at a reading of 67, which is just shy of the overbought threshold. This placement implies that there is room for upward movement before the market becomes overextended.

If SHIB battles above the extended lower trendline, the case for an imminent surge grows 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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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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