For the last 15 months, the BONE ShibaSwap coin has been following a steady sideways trend, trapped within a symmetrical triangle pattern. This pattern typically keeps price changes between two coming-together trend lines. Notably, the BONE price has bounced back from the lower trendline two times and from the upper trendline three times. This highlights how the pattern significantly affects the coin’s price movements. This chart setup might help predict upcoming trends.
Bone Daily Chart: Key Points
- If the coin price surpasses $1.47, it could rally by 18%.
- As long as the symmetrical triangle pattern holds, the BONE ShibaSwap coin might continue its sideways movement.
- Today, the trading volume for the BONE ShibaSwap token is $22.7 million, representing a 59% increase.
During the correction in August, the BONE price took a hit. After reaching a peak of $1.82, it saw a steep 39% drop to $1.1.
Amid the ongoing uncertainty in the wider crypto market, the BONE price stabilized at the 61.8% Fibonacci retracement level. This was a crucial moment, leading to a 26.5% price increase, bringing its value to the current $1.39.
If the bullish trend continues, investors might expect the price to challenge the next resistance at $1.47. Breaking past this could push the BONE price up by 18%, approaching the upper trendline of its symmetrical triangle pattern. Overcoming this level would suggest a positive shift towards a renewed bullish trend, with potential targets first at $2.1 and then $2.39.
Will Bone Price Resume Correction Trend?
The BONE price is showing upward momentum, but it’s crucial to note the upcoming resistance at the upper trendline of its symmetrical triangle pattern. Expected selling pressure at this point might hinder further immediate growth. If the market sentiment remains weak, this memecoin might face a bearish turn from this resistance, leading to a new downward correction.
- Vortex Indicator: The V+(blue) and VI-(orange) slope nearing a bullish crossover reflect the increased buying momentum.
- EMAs: The 200-day EMA waving in a lateral path accentuates a sideway trend in BONE.