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- 1 The Bone crypto has been consolidating for the last couple of sessions above the 200-Day EMA.
- 2 A fresh uptrend is likely in Bone ShibaSwap above the recent supply of $0.6 level.
The Bone ShibaSwap crypto is hovering above the 200-Day EMA over the last couple of sessions. The consolidation near the recent highs and above the 200-Day EMA shows the buyers intend to break higher levels.
Moreover, the buyers attempted to make a recovery after the price sank below the previous swing low. The buyers took control over the trend and recovered. The BONE crypto has reached the 50% of the fibonacci level connected between the recent swing high to low.
The area between the 50% to 60% of the fibonacci level acts as a golden zone for the crypto to resume its ongoing trend. The Bone ShibaSwap crypto shows a consolidation near the golden zone. The $0.65 and $0.6 level are the upper and lower boundaries of the consolidation.
Currently, the BONE crypto price hovers in a crucial zone. Any breakout on the upper side may indicate a breakout above 0.6% of the fibonacci level and subsequently, the crypto may reverse its course.
Furthermore, if the crypto price breaks on the lower side, it may validate the price rejection from 0.5% level of fibonacci level after which may indicate the completion of the pull-back and the price could resume the downfall.
Bone ShibaSwap Crypto Volume Analysis
The volume analysis shows that the crypto has received a $7.09 Million volume in the past 24 hours which is 45.9% higher than the previous day’s volume inflow. The volume to market cap ratio is 4.91% suggesting low volatility in the crypto.
BONE Crypto Technical Analysis
From a technical perspective, the BONE crypto trades far below the 200-Day EMA as observed on a daily chart, suggesting the prevalence of a long-term bearish trend. Currently, the price is near the 50-Day EMA indicating how the buyers are attempting for a reversal.
Moreover, at the time of writing, RSI line was placed at 53.79 points and that of SMA line was at 48.19 suggesting some sort of positivity in the short term.
Bone ShibaSwap Price Prediction for February 2024
The positive view of analysts predicts an upside potential of over 8.32% by February end after the breakout of the consolidation, it could take the Bone ShibaSwap price above the $0.671 mark.
On the other hand, the bearish view of analysts predicts that the price could drop near the $0.575 level if it breaks the lower boundary of the consolidation.
Bone ShibaSwap Price Prediction for 2024
The price prediction for 2024 shows that the Bone ShibaSwap may advance to a high of $0.965 by the end of 2024. The less optimistic analysts estimate a price target of $0.794 by the end of the year.
Bone ShibaSwap Price Prediction for 2025
As per the most positive view of our analysts, the price may hit the $1.441 mark, suggesting an upside potential of 132.36% by 2025. The pessimistic view is that the price could reach $1.02 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
