Home
News
- 1 Bone ShibaSwap price currently trades at $1.6390 while witnessing a loss of -1.67% during the intraday trading session.
- 2 BONE price trades above 20, 50, and 100-day exponential moving averages.
- 3 The year-to-date return of BONE is 86.98% while the six-month return is -10.81%.
BONE price has been in a strong bullish trend since mid-June 2023, rising from the low of $0.69 and forming an all-time high at $1.8242. The cryptocurrency price has surged nearly about 163% from the support level.
During July 2023, the cryptocurrency price was stuck in the narrow consolidation zone ranging between $1.2250 and $1.3750. At the end of July 2023, the price finally gained enough bullish momentum to break the resistance level and rise toward the $2 mark.
The bullish move is facing resistance from $1.745 as the previous candle closed as a bearish candle and the current candle is headed in the direction to break the low of the previous candle. If the price is successful in breaking the low, it might be toward the $1.50 psychological level.
On the other hand, if Bone ShibaSwap price can form support near the $1.6230 support level, there is a possibility of retest of the recent resistance level of $1.745 and potentially rising above the all-time high.
Main Cause of BONE Price Surge
Shytoshi Kusama, the lead developer of Shiba Inu, posted a blog announcing that the Shiba Inu developmental team is planning to mint the remaining supply of Bone into existence and then close the BONE contract to prevent any further creation of it.
The reason behind the move is to solidify operation on the Layer-2 blockchain, Shibarium, which is expected to launch in August 2023 during the ETH Toronto conference in Canada.
Shibarium will be run by a group of people who own a large number of Bone Supply called the validators. The lead developer also stated that Bone will become the “Passport To The Future” which will enable users to obtain their share of rewards on the newly launched blockchain.
Will BONE Price Reach $2 Level?
The cryptocurrency price trades above 20, 50,100, and 200-day exponential moving averages (EMAs) against USDT, indicating bullish momentum. The 20-day EMA has been acting as a support for the price. Chaikin money flow score climbed above the 0 mark and currently trades at 0.05 suggesting strength in the market.
The relative strength index hovered in the overbought zone and has recently dropped below it as the price faced rejection. RSI trades at 67.82 with a downward slope indicating an increase in the participation of bears and the chance of short-term pullback.
The bands of Bollinger have expanded implying an increase in volatility. BONE price reached the upper band and has started to show signs of a short-term pullback.
Conclusion
The market structure and price action of Bone ShibaSwap are bullish but the price might enter into a corrective phase and melt toward the $1.50 psychological level.
Technical Levels
- Major support: $1.225 and $1.03
- Major resistance: $1.745 and $11.90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
