Shiba Inu (SHIB) bulls are still on the receiving end, despite the ecosystem’s Shibarium’s bridge to Ethereum reopening to allow withdrawals.
The second most prominent meme coin, down 2% on Monday, is trading at $0.00000795. If bulls fail to reclaim support at $0.000008, investors may want to start acclimatizing to losses extending to $0.000007 and $0.0000062 – lower buyer congestion areas.
Shytoshi Kusama, SHIB’s lead network developer, has released updates on the new Shibarium layer 2 solutions protocol today. Following the mainnet’s launch the week before, the protocol encountered scalability issues, forcing developers to take it offline.
The developers spent the last week solving the scalability challenges and enhancing network security, culminating in reopening the bridge to Ethereum to allow for withdrawals to take place seamlessly.
Users on the platform can now freely withdraw various tokens, including SHIB, LEASH, and wrapped Ether (WEth). The pseudonymous developer said that withdrawals would be processed within a reasonable timeline of between 45 minutes and four hours.
Users withdrawing BONE, Shibarium’s native token will have to wait up to seven days. While this is a long time, that is the way the protocol was designed.
Shytoshi added that so far, the network has “accumulated over 65,000 wallets and 350,000 transactions.”
“Now that we’ve proven that all funds are safu (as we said) and that Shibarium is ready for prime time, we will reopen our channels,” Shytoshi said.
Shiba Inu has not flinched an inch in the bullish direction since the drop below $0.00001. Support at $0.000008 must hold steady for SHIB price to start collecting liquidity for a rebound.
However, with the crypto market in a mundane state, the path with the least resistance is downward, which brings the market participants’ attention to $0.00007 and $0.0000062.
Based on the technical outlook of the Moving Average Convergence Divergence (MACD) indicator, with a sell signal sustained since mid-August, a recovery beyond $0.0001 is an unlikely outcome at least for now.
Short positions in SHIB will start to turn profitable if resistance at $0.000008 does not flip into support in the short term. If this happens, a sell-off may brew to allow sellers to book profits at $0.000007.
Extremely bearish traders may want to wait until Shiba Inu touches support at $0.0000062 before closing their bearish positions.
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