On May 2, Shibarium, a second-layer network from the Shiba Inu (SHIB) ecosystem, successfully completed an important hard fork. Shibarium’s Layer 2 network upgrade promises to deliver lightning-fast transaction speeds and more predictable gas fees. However, all this should improve the customer’s user experience.
Is the token ready for a bullish breakout after the Shibarium hard fork?
The developers of Shiba Inu announced the upcoming update on April 24th. Now the Shibarium network has announced the successful completion of the hard fork at block 4,504,576.
This major update introduced fundamental changes to the network that were incompatible with the previous version of the software. In addition, the hard fork should expand the capabilities of the project, improve usability and network performance, and simplify user interaction with the platform. After the upgrade, Shibarium will become more accessible and affordable, which meets the basic requirements of the growing user base.
The update also serves as a strategic step aimed at driving innovation in the decentralized finance ( DeFi ) sector. The Shibarium team hopes that the reliable and secure platform will be a good help for developers and users who are exploring new opportunities in the crypto space.
Shiba Inu developers have expressed enthusiasm about the potential impact of the update
“Look at the hard fork as a necessary upgrade to unlock next-level capabilities on our network. This is not just a technical shift; it’s about delivering new value and simplifying the Shibarium experience,” they wrote.
Analysts are optimistic about the impact of the hard fork on SHIB, Shibarium’s native token. Despite recent problems, the coin could get a boost from this news. SHIB is currently on the verge of a bullish breakout. Meanwhile, technical analysis shows that SHIB is forming a cup and handle pattern with a neckline at $0.00002349. If there is a successful break above this level, the price could rise by about 15% and test the resistance at $0.00002625.
On the other hand, failure to overcome the neckline may result in a correction. In this case, the price should find support at $0.00002080, which would mean a fall of 8%.
