Shibarium beta is about to launch- Here’s everything SHIB holders should know
- The proposed launch of Shibarium contributed to improved sentiment toward SHIB.
- Investors, however, might be running out of patience.
The proposed launch of the much-awaited layer-2 blockchain Shibarium and the ongoing bull run in the general market has led to a growth in Shiba Inu’s [SHIB] price and has resulted in an improved sentiment since the year began, a new report from Santiment showed.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
Shibarium is a layer 2 blockchain built atop the Ethereum network and designed to be powered by the Shiba Inu ecosystem tokens, which include SHIB, LEASH, and BONE.
While the launch date for the layer 2 network remains unknown, the project’s developers have kept the community informed that the beta version of the network will be deployed soon.
Shibarium Update 🧵
As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.
— Shibarium Network (@ShibariumNet) January 4, 2023
Do not be deceived
Following a tumultuous close to the 2022 trading year, SHIB’s value has rallied tremendously since the year began. According to data from CoinMarketCap, the meme coin’s price has grown by 48% since 1 January. At its current price of $0.00001203, the altcoin traded at its pre-FTX collapse level.
An assessment of SHIB’s performance on the daily chart revealed that the meme coin had seen increased demand in the past few weeks, causing coin accumulation to rally to levels last since before FTX’s fallout in November 2022.
How many SHIBs can you get for $1?
As of this writing, SHIB’s Relative Strength Index (RSI) was in an uptrend at 68.62. Likewise, its Money Flow Index (MFI) was 73.59. These indicators have been in an uptrend since the year started, indicating that coin accumulation has since grown.
Although the price of the altcoin had been on the rise, an assessment of SHIB’s Chaikin Money Flow (CMF) showed that the dynamic line (green) embarked on a downtrend since 17 January.
This created a bearish divergence which often hints at a sell signal. A CMF sell-signal presents itself when an asset’s price action develops a higher high into overbought zones, with the CMF diverging with a lower high and beginning to fall.
The bearish divergence in SHIB’s market showed that the underlying market conditions did not support the asset’s price increase, and a potential reversal was imminent.
A look at the alt’s AROON indicator confirmed the weakness of the bullish trend in the current SHIB market. At press time, the Aroon Up line was spotted at 28.57%.
Typically, when the Aroon Up line is close to zero, the uptrend is weak, and the most recent high was reached a long time ago. This is usually taken as an indication of a potential trend reversal.