Shiba Inu: BONE Targets $2 on Back of Shibarium Launch

The Shiba Inu ecosystem token BONE continues to extend its rally, surging by 87% in a month with an aim to hit $2 as the launch of Shibarium nears.

Amid the ranging state of the broader crypto market, Bone ShibaSwap (BONE) continues to make bullish moves as it extends its rally over 30 days. Data suggests that the Shiba Inu ecosystem token has rallied by over 87% in the past month, making it one of the highest-gaining mainstream assets.

BONE’s Rollercoaster Ride

Like the rest of the crypto market, BONE started the year on favorable grounds. The asset rallied from $0.8732 on Jan. 1 to a high of $2.0261 on Feb. 24, its highest value since November 2021. This rally marked an impressive 132% increase in less than two months.

However, as bullish sentiments waned, BONE observed a price decrease with rising selling pressure. The SEC’s lawsuits against Binance and Coinbase further compounded this selling pressure. BONE continued to shed off its value until it hit a low of $0.6650 on June 10, its lowest price this year.

This massive drop immediately preceded a response from the bulls, resulting in an impressive price appreciation. BONE eventually reclaimed $1 on July 2. The rally has persisted over the past 30 days, with a marked uptick observed on July 7 when BONE registered an 18% intraday gain. 

BONE Among Top 10 Gainers, Targets $2

Amid this sustained rally, BONE has secured a spot among the top 10 gainers over the last 30 days. With a 30-day gain of 87.63%, BONE is ninth on the list of biggest gainers among the 500 largest crypto assets on CoinMarketCap (CMC). BONE has outperformed all assets on the top 100 list.

A close look at BONE’s daily chart indicates that the asset is currently in a strong position as it looks to reclaim the $2 price for the second time this year. Notably, BONE has risen over the 50-day EMA ($0.9699) and the 200-day EMA ($1.0181) due to the rally.

BONE’s significant trading position well above the 50-day and 200-day EMAs indicates a highly favorable market condition with a solid bullish trend. This suggests persistent buying pressure and potential for further upward price movements.

However, BONE faces stern opposition at the $1.4 to $1.5 zone. A good start to the day saw the asset spike to $1.49, but the bears repelled attempts at reclaiming $1.5. Should BONE break above this resistance point, an upsurge to $2 could be in the works. Moreover, BONE’s MACD levels are showing bullish trends.

Favorable developments in the Shiba Inu ecosystem can compound the buying pressure. With the launch of Shibarium expected in August, BONE is looking to capitalize on the bullish sentiments from the buildup to reclaim the $2 price. BONE is currently trading for $1.29.