Gushiken Yona
BONE ShibaSwap breaks out of consolidation, surging past key resistance levels as trading volume rises. The governance and gas token of the Shiba Inu ecosystem is gaining momentum, with technical indicators pointing to sustained strength.
Technical Analysis: BONE’s Decisive Breakout
The TradingView chart (daily timeframe) for BONE/USDT reveals a compelling technical setup. After a prolonged period of consolidation, characterized by relatively low volatility and sideways price action, BONE has decisively broken above the upper Bollinger Band. This breakout is a significant bullish signal, often indicating the start of a new uptrend.
Bollinger Band Breakout: The price surge has pushed BONE well above the upper Bollinger Band (currently around $0.1447), signifying strong buying pressure and a departure from the previous consolidation phase. The middle band, or the 20-day simple moving average is located at 0.2597, and it is significantly below the last price.
RSI (Relative Strength Index): The RSI, at 68.19, is approaching overbought territory (typically above 70). While this could suggest a potential short-term pullback or consolidation, it also confirms the strength of the recent upward momentum. The RSI moving average is also pointing upwards, further supporting the bullish trend.
Bullish Scenario: If BONE maintains momentum above the upper Bollinger Band and the RSI continues to rise (without becoming excessively overbought), a test of previous resistance levels is likely. The next significant resistance area appears to be around $0.60, based on the price action from late 2024. A sustained break above this level could pave the way for further gains, potentially targeting the 0.80−0.80−1.00 range.
Consolidation Phase: Considering the rapid price increase, a period of consolidation or a minor pullback is a healthy and realistic possibility. The area around the previous upper Bollinger Band (now acting as potential support), currently around $0.37, and the 20-day Simple Moving Average (SMA) at approximately $0.2597, could serve as support zones during such a phase.
Bearish Reversal: While less likely given the current technical picture, a sharp reversal below the 20-day SMA, coupled with a declining RSI and decreasing volume, would be a bearish signal, potentially invalidating the breakout.
CoinPedia Markets Recognizes BONE
In an X post made over the weekend, CoinPedia Markets (@MarketCoinpedia) included BONE in its “Top 10 Altcoins Watchlist for the Next Week,” citing a price of $0.7324.
While the current price is lower, this recognition from a prominent crypto analysis source highlights BONE’s growing visibility and potential. This external validation can attract new investors and further fuel the positive momentum.
BONE Price Action
As of Monday morning (Eastern Time), BONE is trading at $0.3696, boasting a 1.51% increase in the past 24 hours and a remarkable 59.07% surge over the past seven days. This impressive weekly performance highlights a strong resurgence of interest in the token. The 24-hour trading volume stands at $9.08 million, indicating healthy market activity. BONE’s market capitalization has also risen, currently sitting at $85.49 million, up 2.02%, based on the data from CoinMarketCap. The circulating supply is 229.92 million BONE.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
