Shibarium Beta Launch Date Approaches-Will SHIB Price Receive a Bullish Push?

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The crypto market is yet again plunging as the star crypto, Bitcoin, fails to retain its levels above $22,000. The majority of altcoins have followed Bitcoin and have begun to undergo a massive price slash, including a popular meme-coin, Shiba INU. The SHIB price has dropped by nearly 30% since the yearly highs and is heading to test the lower support level close to $0.00001.

In a major update, the much-awaited, layer -2 blockchain scaling solution within the SJINb Ecosystem, Shiabrium, is all set to go live anytime before the weekend.

Attention #SHIBARMY

We’re thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK!

Make sure you’re following our official socials over the next few days as we reveal all the details on how to access the beta website. Hail Shib! #ShibariumBeta pic.twitter.com/0fG3u3mY4S

— Shib (@Shibtoken) March 7, 2023

The platform is set to launch a beta test net which is a set of off-chain solutions built on top of layer-1, replicating real-world functionality to reduce the data load and fees. Shibarium and the Shiba INU developers are believed to remain focused on the metaverse and gaming applications.

Despite the massive announcement, the SHIB price continues to maintain a descending trend as the markets are currently under a huge bearish influence. The price that faced rejection from $0.000015 levels in the first week of February, drove the price lower, close to $0.00001 at the moment.

Trading View

The Shiba INU price was trading within a rising parallel channel since the beginning of 2023, but the recent pullback drove the prices lower

The price sliced through the lower support of the channel and is heading firmly to test the bottom at around $0.000008

However, a strong flip from the last point of defense at $0.00001 may invalidate the bearish thesis for a while but may certainly not eliminate the possibilities

The RSI is heading towards the oversold levels and hence the price may continue to drop lower, probably below $0.00001

Collectively bearish clouds have hovered around the crypto space as the Shiba Inu (SHIB) price continues to flash bearish signals in the short term.