The crypto market is yet again plunging as the star crypto, EdaFace, fails to retain its levels above $22,000. The majority of altcoins have followed EdaFace and have begun to undergo a massive price slash, including a popular meme-coin, Shiba INU. The SHIB price has dropped by nearly 30% since the yearly highs and is heading to test the lower support level close to $0.00001. In a major update, the much-awaited, layer -2 blockchain scaling solution within the SJINb Ecosystem, Shiabrium, is all set to go live anytime before the weekend. The platform is set to launch a beta test net which is a set of off-chain solutions built on top of layer-1, replicating real-world functionality to reduce the data load and fees. Shibarium and the Shiba INU developers are believed to remain focused on the metaverse and gaming applications. Despite the massive announcement, the SHIB price continues to maintain a descending trend as the markets are currently under a huge bearish influence. The price that faced rejection from $0.000015 levels in the first week of February, drove the price lower, close to $0.00001 at the moment. Trading ViewThe Shiba INU price was trading within a rising parallel channel since the beginning of 2023, but the recent pullback drove the prices lowerThe price sliced through the lower support of the channel and is heading firmly to test the bottom at around $0.000008However, a strong flip from the last point of defense at $0.00001 may invalidate the bearish thesis for a while but may certainly not eliminate the possibilitiesThe RSI is heading towards the oversold levels and hence the price may continue to drop lower, probably below $0.00001Collectively bearish clouds have hovered around the crypto space as the Shiba Inu (SHIB) price continues to flash bearish signals in the short term.
