• 23 July, 2024
Market News

Shiba Inu Price Bounced Toward $0.00001100 Despite Shibarium Code Issue; What Happened to Know Here

Shiba Inu investors go into panic selling as news emerged that the Shibarium is a copy

Shiba Inu price analysis remains neutral to mildly positive on Friday. Following a drop of more than 10% in the last two sessions. Shiba Inu suddenly fell to the low of $0.00001017 in the past 24 hours for the first after the SHIB price appreciated nearly 10% in the past 24 hours. As of press time, SHIB/USD is reading at $0.00001079, with gains of 2% for the day.

As per Coinmarketcap, the 24-hour trading volume dropped 40% to $234,275,124. A rise in price with a drop in volume is a bearish sign.

What drove Shiba Inu’s price lower

Investors become nervous and turned cautious after there was news that the Shibarium code is a copy. The much-anticipated Shibarium code presented its layer 2 network beta network.

However, the concerns shown by Steve, a prominent Discord user from the Shiba Inu group  made the excitement fade away. According to him, the multi-signature account was not exclusively managed by different people, and the Shibarium beta testnet used the same Chain ID as an already existing blockchain, Rinia.

What does the technical chart say about the price

Source: Trading view

On the 1-hour time frame, Shiba Inu price trades above the short-term moving average 21-day EMA. Further, the price trades inside the rising wedge pattern, which is a bearish continuation technical formation.

SHIB price faces rejection near the upper trend line of the channel near $0.00001100. If confidence does not return among investors the price could continue to drop toward $0.00001040.

MACD above central line but holds a neutral stance.

On the contrary, a successful breach of the mentioned barricade could see gains to stretched towards $0.00001120.

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