Gushiken Yona
The Bone price jumped nearly 12% over the past week, fueled by rising trade volumes and strong community optimism, even as the technical chart suggests its momentum is still building, not yet reaching a fever pitch.
Bone Price Climbs: Latest Data Update
As of 4:02 a.m. ET on Tuesday, the Bone price registered at $0.2765, according to CoinMarketCap data. This marks a significant 13.11% increase over the preceding seven days.
Underscoring this positive momentum, the 24-hour trading volume hit $5.16 million, representing a 24.54% surge compared to the same period last week, suggesting heightened trader interest accompanies the price climb. With a circulating supply reported at 229.92 million BONE, this places Bone ShibaSwap’s current market capitalization at approximately $63.64 million.
Technical Indicators Suggest Recovery
A look at the daily BONE/USDT chart provides technical context. The Relative Strength Index (RSI), a common momentum indicator, currently sits around 50.63.
The RSI measures the speed and change of price movements, oscillating between 0 and 100. Readings above 70 typically suggest an asset might be overbought, while readings below 30 can indicate oversold conditions.
BONE’s current RSI level near 50 places it firmly in neutral territory. While it shows an upward trajectory from lower levels seen previously on the chart (indicating recovering momentum), it remains far from the overbought zone.
The chart shows historical instances where BONE’s RSI surged well above 70 during significant price peaks (like those seen around August 2023 and March 2024), suggesting that current momentum, while positive, hasn’t reached potentially unsustainable extremes.
Community Backs Bone Price Amid Market Cap Dip
The recent positive price action aligns with overwhelmingly bullish community sentiment. Data from CoinMarketCap indicates that 85% of nearly 77,200 user votes expressed a positive outlook for BONE.
Holder data reveals a pattern common in many cryptocurrencies: a broad base of small holders alongside significant concentration among larger players, or “whales.” While nearly 96% of addresses hold less than $1,000 worth of BONE, whales (addresses with $100k+) control roughly 50.14% of the supply.
Impressively, long-term conviction appears strong, with analytics suggesting over 87% of addresses have held BONE for more than a year. Despite the positive price and volume trends over the week, BONE’s overall market capitalization registered a slight decrease, down approximately 6.33% to $62.68 million according to data from CoinMarketCap.
In summary, Bone ShibaSwap presents a picture of renewed short-term interest, backed by strong community sentiment and long-term holders. Technical indicators suggest momentum is rebuilding but not yet overheated. Investors continue to watch BONE closely, balancing the positive signs against the token’s inherent volatility and the mixed signal from its recent market cap fluctuation.
Read More
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- BONE Volume Skyrockets Over 150%, Igniting Interest Amid Price Dip
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.
