Shiba Inu (SHIB) developer, Shytoshi Kusama announced the upcoming release of the blockchain layer 2 solution, ShibaSwap 2.0, and advised investors to shrug off any news about the delay of the project.
Notably, the news and media company, The CryptoBasic shared a tweet reporting the upcoming event.
#ShibaInu Lead Developer Confirms “#ShibaSwap 2.0 is Coming”$SHIB #SHIBARMY https://t.co/M00RSB2CsL
— TheCryptoBasic (@thecryptobasic) April 18, 2023
Shibarium 2.0, is a layer 2 solution expected to enhance transaction speed and lower costs in the Shiba Inu network. Further, Shibarium is expected to burn SHIB tokens which would exert deflationary pressure on the Shiba Inu token and could increase its value.
Recently, Shytoshi Kusama hinted at the release of the DEX ShibaSwap 2.0. ShibaSwap, a native decentralized exchange of Shiba Inu that allows users to swap directly without requiring a third party, was initially launched in July 2021.
On the daily chart, the Shiba Inu (SHIB) price traded in very limited price action with no clear directional bias. After piercing the critical 200-day Exponential Moving Average (EMA) the price struggles to maintain the upside momentum. The bearish trend line that extends from the high of $0.00001573, made on February 4 acts as an upside barricade for the bulls.
The daily RSI (14) holds above the average line indicating the underlying buying sentiment, currently at 54. Any uptick in the oscillator refers to the continuation of the current price action. Additional buying participation from the side-lined investors could breach the descending trend line and test the $0.00001200 mark. Further, the SHIB buyers would be inspired to capture the horizontal resistance line at $0.00001295.
On the other hand, if the price failed to sustain the session’s low at $0.00001142, the Shiba Inu (SHIB) price could fall toward the 200-day EMA. A break below the barrier could mean the price will see more downside in the short-term
