Bone Price on Edge of Massive Breakout After Bottom

Bone price may be primed for a breakout. A closely watched crypto trader believes BONE — the gas token powering Shibarium — has officially found its bottom and could be gearing up for a powerful upward move. Backed by a tightening chart formation and rising trading volume, the setup is drawing attention from traders eyeing the next meme coin rally.

The trader, identified on X (formerly Twitter) as army_shiba, presented a bullish case for BONE. They stated directly: “$BONE bottom is literally in. These kind of patterns usually ends up with a huge breakout. I’m closely watching the movements.” 

This assertion came as BONE shows some positive short-term momentum. Recently, the token was trading around $0.2804, marking a 3.33% increase over the previous 24 hours, with its market capitalization near $64.47 million.

Chart Pattern Suggests Bone Price Coiling for Move

The chart accompanying the analyst’s commentary displays BONE’s price action forming what appears to be a descending triangle or falling wedge. This pattern is characterized by a series of lower highs pressing down against a relatively stable horizontal support level. 

As these two lines converge, the price becomes increasingly compressed, often preceding a sharp move, or breakout, in either direction. Army_shiba’s assertion that “these kind of patterns usually ends up with a huge breakout” implies an expectation that the Bone Price will break upwards from this consolidation.

Adding weight to the potential for a significant move is a notable uptick in trading activity. BONE’s 24-hour trading volume recently surged by approximately 29.38% to $7.32 million. 

Such increases in volume during a consolidation phase can sometimes signal growing accumulation or interest ahead of a breakout. Further reflecting a positive sentiment, data from CoinMarketCap indicates that 85% of community votes express a bullish outlook for the Bone Price.

Interpreting the Bone Signals: What to Watch

While army_shiba expresses confidence, stating, “I’m closely watching the movements,” it’s important to approach such technical signals with context. Chart patterns offer insights into potential future price action based on historical tendencies, but they are not foolproof predictors. 

The broader crypto market conditions and specific news related to the Shiba Inu ecosystem or BONE itself can also heavily influence its trajectory.

Investors and traders will likely be monitoring the Bone Price for a decisive break above the pattern’s descending resistance line. A sustained move above this level, particularly if accompanied by continued strong volume, would be viewed by many technical analysts as confirmation of a bullish breakout, lending credence to the optimistic outlook. 

Conversely, a break below the horizontal support could invalidate the immediate bullish scenario.

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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.