Home
News
- 1 BONE price is currently trading at $1.1713 with a gain of 2.02% during the intraday session.
- 2 BONE price has been printing bearish candles for the past 6 days.
- 3 Bone ShibaSwap price plunges below 20 and 50-day exponential moving averages.
Bone price was in bullish momentum during the end of July 2023 and formed a high at $1.8242 after which it entered into a consolidation zone. The cryptocurrency price consolidated between the range of $1.6230 and $1.7450.
On 13 August 2023, the BONE price finally gained bearish momentum to shatter the resistance level of $1.6230. The breakout led to a downfall of roughly 29% from the support level of $1.6230. The current candle is striving to form a support at $1.1450.
The previous candle closed as a strong bearish candle. For the past 6 days, candles have witnessed strong rejection from the upside. If the current candle can break the low of the previous candle, it might head towards the next support level of $1.03.
For the price to start its recovery phase, it needs to form strong support but the confluence of bears over the price seems to be pretty strong.
Surge In On-Chain Activity Of Bone ShibaSwap
The launch of Shibarium, a groundbreaking addition to Shiba Inu’s ecosystem has propelled the Bone token’s on-chain metrics. Within 24 hours of Shibarium’s release, the on-chain activities of Bone have upsurged significantly.
According to Intotheblocks, a blockchain and cryptocurrency market analysis tool, a hike of 200% in on-chain metrics for the Bone token was reported. The volume of large transaction tokens increased from 3.5 Million to 7.38 Million. Whale transactions worth more than $100000 have doubled in the last three days.
The Bone exchange outflow has also doubled in the last two days – from 1.18 Million tokens to 2.36 Million tokens in the last two days. The total number of dynamic wallets also surged by 626% in the last 8 days, reaching 6313 unique addresses.
There has been notable outflow from the addresses, amounting to 6.78 Million Bone tokens. The outflow surpassed the inflow by a margin of 2.1%.
Will the BONE Price Fall Further to $1.03?
The cryptocurrency price has negatively crossed 20 and 50-day exponential moving averages, indicating a rise in bearish momentum. Chaikin money flow score of Bone ShibaSwap has dropped below the 0 mark and trades at -0.15, implying weakness in the market.
The relative strength index entered into the oversold zone but reversed its direction and currently trades at 34.93, suggesting that bulls have started to enter the market.
The Bollinger bands have expanded indicating a rise in volatility. The price has crossed below the lower band of Bollinger which indicates the possibility of a short-term pullback.
Conclusion
The currency candle has started to show bullishness. If the Bone price is successful in the formation of support, it might retest the $1.50 psychological level.
Technical Levels
Major support: $1.03 and $0.88
Major resistance: $1.7450 and $1.900
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
