Shiba Inu Price Prediction as SHIB Drops 7.5% After Shibarium Launch – What's Going On?

cryptonews.com:

The Shiba Inu price has dropped by more than 7.5% today, with its slide to $0.00000888 coming after the full public launch of the much-anticipated Shibarium layer-two network.

This means SHIB is down by 9% in the past week, with Shibarium's arrival being plagued by technical issues that have dragged down the meme token's price.

Most notably, reports indicate that around $2.5 million in funds has been lost on bridges to/from Shibarium, something which has already undermined trust in the layer-two network's security and stability.

And unless these funds can be retrieved and a clear fix can be introduced, it's possible that SHIB will continue sliding in the next few days.

There's no doubt that SHIB has lost a substantial amount of momentum that had been building up towards Shibarium's launch, with its price and indicators all falling steeply.

Indeed, the meme token's relative strength index (purple) has plunged from more than 70 a few days ago to just under 50 today, and it's likely that its price will continue dropping as the RSI continues its descent towards 30 or 20.

At the same time, SHIB's 30-day moving average (yellow) looks as though it's about to flatten out and begin descending again, even though it hadn't even reached its 200-day average (blue) prior to losing steam. 

As for the coin's medium-term support level (green), it's about to be tested at around the $0.00000830 level, and it's entirely likely that it will fail.

It's hard to say just how far SHIB will fall before stabilizing, yet there's no doubt that the launch of Shibarium didn't go entirely to plan.

Online speculation indicates that around $1.7 million in Ethereum has been permanently lost on one of the layer-two network's bridges, making for a total of $2.5