Shiba Inu Price Slips Amid Lack of Shibarium Updates

Despite a 6.67% decline yesterday, the asset is still 41% up from the value it started the year with.

Shiba Inu (SHIB) continues to hold steady above its major support levels despite a bearish turn of events that was recently triggered by the broader market headwinds. The absence of significant updates on Shibarium in the past few days has dampened bullish sentiments, leaving the asset to the swings of the bears.

Tuesday saw SHIB’s worst intraday performance in over a month, as the asset closed the day with a massive 6.67% decline. This came after a meager 0.08% decline on Monday, making it the first time SHIB is registering a second consecutive losing session this year. Despite these bearish swings, the asset has held steady above the $0.000011 level.

Shibarium: What We Know So Far

One of the most recent significant updates on Shibarium, the Shiba Inu layer-2 solution, came up on January 15 when the development team released a blog article that provided more insight on the upcoming L2 network. Several highlighted features triggered excitement within the Shiba Inu community.

Publishing the article, the Shiba Inu team disclosed that they would be launching Shibarium Beta soon. They also confirmed that Shibarium will allow users to mint chain-specific NFTs. Moreover, the article disclosed plans to set up a SHIB burn portal specifically for Shibarium, confirming that the L2 network will contribute to SHIB burns.

Amid these exciting disclosures, the development team further outlined the ways through which community members can become delegators and validators on Shibarium. Also, most recently, Ledger, a leading crypto security infrastructure developer, confirmed that supporting Shibarium is part of its roadmap. SHIB’s lead developer Shytoshi further unveiled a Telegram channel for future Shibarium updates.

Shiba Inu Price Analysis 

Despite these disclosures, significant updates on the development of the L2 network have stalled this week, leaving SHIB to the broader market trend. Notwithstanding, EMAs are generally bullish, with the asset currently trading above the 100-day EMA.

At the time of reporting, Shiba Inu is currently changing hands at $0.00001142, down 5.71% in the past 24 hours. At the current value, SHIB is aiming to conquer the pivot point at $0.00001143, which will provide enough bullish momentum to push it to the first crucial resistance at $0.00001221. A bullish run could see SHIB testing its second resistance at $0.00001274.

However, if the bears take control of the scene today, SHIB could be battered to its first crucial support level at $0.00001066. A slip below this level would bring the second support at $0.00001012 into the picture. This serves as a crucial point for SHIB, as a fall below it could lead to levels at $0.00000881.