Shiba Inu ecosystem token BONE has rallied by over 100% since mid-June amid the growing excitement as the Shibarium launch approaches.
Bone ShibaSwap (BONE), the governance token of the ShibaSwap DEX, is currently defying the bearish market trend. At its current value, BONE has rallied 110% since June 12 amid the budding excitement surrounding the Shiba Inu ecosystem as the Shibarium mainnet launch draws closer.
Following its yearly peak of $2.1092 on February 21, BONE continued to plummet until it dropped to a shocking low of $0.6650 on June 10. However, the asset immediately engineered a comeback to reclaim the lost gains.
BONE’s rally picked up on June 12. Despite the persistent rally, BONE could not hit the $1 mark throughout June. However, the asset closed the month at an impressive $0.9317 price.
The June rally spilled into July, with the asset finally breaking above the resistance at $0.98, as it reached $1 on July 3 – a price point it had failed to recover in three months. The momentum continued, receiving fuel from the momentous announcement of the Shibarium launch.
Shytoshi Kusama, the Shiba Inu community lead, disclosed in a blog release on July 6 that Shibarium would be unveiled in August at the Blockchain Futurist Conference in Canada. This disclosure compounded the rally initiated by BONE.
BONE up 110% Since June 13
BONE surged to a 4-month high of $1.4900 on July 8. However, resistance at the price territory displaced the asset from its lofty position. Following a series of highs and lows, BONE embarked on another rally today, soaring to $1.4423. At its current price of $1.4220 the asset is 110.51% up from the June 12 low of $0.6755.
BONE broke above the 50-day exponential moving average (EMA) in late June amid the rally. The sustenance of the upsurge eventually led to a break above the 200-day EMA on July 6, the day of the Shibarium launch announcement.
At its current value, BONE now comfortably trades above the 50-day EMA ($1.1207) and the 200-day ($1.0578). The current situation signals bullish prospects for the asset in the near and long term.
BONE Forms Golden Crush
As the rally endures, BONE has formed a golden cross on the daily timeframe. A golden cross is formed when a shorter moving average crosses above a longer moving average. The cross typically signals bullishness.
The 50-day EMA recently broke above the 200-day EMA on the 24-hour chart. The two previous times this cross occurred were in January this year and August last year. In August 2022, BONE rallied by 285% to a high of $2.39 following the cross.
Similarly, shortly after the cross occurred on January 10 this year, BONE embarked on an impressive run. The asset eventually surged by 136% to its yearly high of $2.1092 on February 21.
The latest cross occurred on July 17, triggering optimism of a similar run. At its current position, BONE faces two crucial Fibonacci resistance points before the $2 price. The asset must overcome the resistance at $1.49 before aiming to break above the $1.6870 barrier stationed at Fib. 1.618.