Gushiken Yona
BONE ShibaSwap breaks out of consolidation, surging past key resistance levels as trading volume rises. The governance Π°nd 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 surgΠ΅ 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 waΡ for further gains, potentially targeting the 0.80β0.80β1.00 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.
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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.
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While the current price is lower, this recognition from a prominent crypto analysis source highlights BONE’s growing visibility Π°nd 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 GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
