Bone ShibaSwap’s Bullish Momentum Holds above $1.95 as Bulls Target

  • The bullish momentum is strong and could lead to further gains in the near term.
  • Traders should watch for any potential price breakouts above the resistance level of $2.05.

The recent Bone ShibaSwap price analysis shows the meme token is trading in an ascending trendline in the last few hours, with a daily price increase of 4.27%. BONE is currently trading at $1.96 and could soon break out of the key resistance levels to surge even higher if the bullish momentum continues.

BONE 24-hour price action: Coinmarketcap

The bullish momentum is strong, with a 24-hour volume of $22,911,185, with an increase of 25.78% over the past 24 hours, and could continue increasing as investors look to capitalize on potential price breakouts. The market capitalization is currently at $449,041,035, with an increase of 3.76% in the past 24 hours, as per ShibaSwap data.

Looking at the technical analysis on various timeframes, a bullish divergence is seen, which could be a sign of further price increases in the coming days. The price of BONE has been fluctuating between a range of $1.86 – $2.05, with buyers showing strong support for the token at both levels.

The technical indicators on the daily chart show a positive market sentiment, with the Relative Strength Index at 67.00 and the Moving Average Convergence Divergence oscillator showing a bullish divergence.

BONE/USD daily chart: TradingView

The buying activity has heated up during today’s trading session, with the Bollinger Bands widening. The upper band is seen to be at  $1.99, with the lower band at $1.34 and the middle line at $1.67, indicating increased volatility in the market.

On the 4-hour and hourly timeframes, the bulls have taken a breather, and the price is seen consolidating above the $1.95 level. Buyers need to sustain their buying interest and break above the key resistance level of $2.05 in order for further gains to be made over the medium term.

Looking at the Fibonacci retracement tool to measure the short-term trend, a 38.2% retracement is seen from the high of $1.96 to the low of $1.86, which could be the potential support for BONE in the near term.

In conclusion, Bone ShibaSwap’s bullish momentum holds at $1.96, with over a 4% daily increase in price seen over the last 24 hours. The meme coin is targeting the key resistance level of $2.05, and traders should keep an eye out for any potential breakouts above this level. The technical indicators show a positive market sentiment. However, a correction can’t be ruled out if the bulls fail to break above this level.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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