Gushiken Yona
The price of Bone ShibaSwap (BONE) hovers at a critical juncture, showing signs of an upward push even as a formidable resistance level looms. Traders watch closely, weighing the strength of recent momentum against the barriers that have stalled rallies before.
BONE Technical Analysis: RSI Suggests Bullish Momentum
The daily chart for Shibarium’s gas fee token offers clues about its potential direction. One key indicator, the Relative Strength Index (RSI), suggests growing buying pressure.
As of Friday, the RSI (14, close) reads approximately 58.53. Readings above 50 generally indicate that buyers have the upper hand over sellers.
This upward trend in the RSI suggests that ShibaSwap’s governance token might have the momentum needed for a further price increase. It signals growing strength after a period of consolidation.
Key BONE Resistance: The 0.40−0.60 Hurdle
Despite the positive RSI reading, BONE faces a significant challenge ahead. Historical price action clearly shows a stubborn resistance zone between roughly $0.40 and $0.60.
Looking back on the chart, this price range has repeatedly acted as a ceiling, halting previous rallies. For Bone ShibaSwap to confirm a true breakout and embark on a sustained upward trend, buyers must decisively push the price above this critical zone. Failure to do so could see momentum stall once again.
Price Prediction: Breakout or Pullback Scenarios
Given these conflicting signals – bullish momentum meeting strong resistance – two primary scenarios emerge for BONE’s near-term future.
- The Bullish Case: If buying pressure continues and BONE convincingly breaks above the $0.60 resistance level, the path could open for a significant rally. Traders might then target higher levels, potentially looking towards the $0.80 mark or even previous peaks seen in early 2024.
- The Bearish Case: If Shibarium’s gas fee token fails to overcome the 0.40−0.60 resistance, sellers could regain control. A rejection from this zone might lead to a pullback. Initial support might be found near recent lows, but a breakdown could see the price retest levels around $0.20 or lower.
Market Outlook: Caution Advised
Bone ShibaSwap stands at a pivotal point. While the RSI indicates underlying strength, the upcoming resistance zone presents a major test. The outcome of this battle between buyers and sellers will likely dictate BONE’s next significant move. Traders should monitor price action around these key levels closely.
Bone ShibaSwap showed significant strength this week, surging 23.71% to trade at $0.3435 by 9:24 a.m. ET Friday. The token maintained a 24-hour trading volume of $6.93 million. CoinMarketCap data places its market cap at $78.99 million with 229.92 million BONE in circulation.
Read More
- Shiba Inu Breaks Out: 415% Surge Eyed As Strength Returns
- Shibarium Erupts: 4,000% User Surge, Transactions Soar
- Shiba Inu Gears Up for Takeoff: Key Breakout Levels in Sight
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.
