The recent Bone ShibaSwap price analysis shows the meme token is trading in an ascending trendline in the last few hours, with a daily price increase of 4.27%. BONE is currently trading at $1.96 and could soon break out of the key resistance levels to surge even higher if the bullish momentum continues.
BONE 24-hour price action: Coinmarketcap
The bullish momentum is strong, with a 24-hour volume of $22,911,185, with an increase of 25.78% over the past 24 hours, and could continue increasing as investors look to capitalize on potential price breakouts. The market capitalization is currently at $449,041,035, with an increase of 3.76% in the past 24 hours, as per ShibaSwap data.
Looking at the technical analysis on various timeframes, a bullish divergence is seen, which could be a sign of further price increases in the coming days. The price of BONE has been fluctuating between a range of $1.86 – $2.05, with buyers showing strong support for the token at both levels.
The technical indicators on the daily chart show a positive market sentiment, with the Relative Strength Index at 67.00 and the Moving Average Convergence Divergence oscillator showing a bullish divergence.
BONE/USD daily chart: TradingView
The buying activity has heated up during today’s trading session, with the Bollinger Bands widening. The upper band is seen to be at $1.99, with the lower band at $1.34 and the middle line at $1.67, indicating increased volatility in the market.
On the 4-hour and hourly timeframes, the bulls have taken a breather, and the price is seen consolidating above the $1.95 level. Buyers need to sustain their buying interest and break above the key resistance level of $2.05 in order for further gains to be made over the medium term.
Looking at the Fibonacci retracement tool to measure the short-term trend, a 38.2% retracement is seen from the high of $1.96 to the low of $1.86, which could be the potential support for BONE in the near term.
In conclusion, Bone ShibaSwap’s bullish momentum holds at $1.96, with over a 4% daily increase in price seen over the last 24 hours. The meme coin is targeting the key resistance level of $2.05, and traders should keep an eye out for any potential breakouts above this level. The technical indicators show a positive market sentiment. However, a correction can’t be ruled out if the bulls fail to break above this level.
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Source: Cryptocurrency - investing.com
