Bone (BONE), the governance token of Shiba Inu DEX ShibaSwap, witnesses a massive surge nearing $0.50. Will this drive the uptrend to $1?
As the crypto market recovers, the market capitalization of the meme coin segment has reached $58 billion. Amid the recovering meme coins, Shiba Inu and its closely related coins like Bone ShibaSwap are on a bullish roll.
The SHIB token has surged nearly 14% in the past 24 hours, while the BONE token marks an intraday rise of more than 17%. Will this recovery run propel the BONE token price to the $1 mark?
BONE Price Analysis
The bullish recovery in BONE comes days after a core Shiba Inu team member, Lucie, highlighted the possibility of a massive comeback in the governance token. In a tweet, Lucie compared BONE to top altcoins like Cardano and XRP in their undervalued years, witnessing intense consolidation.
In the weekly chart, the BONE token price has showcased a falling wedge pattern since early 2023. The short-term resurgence in the BONE token price marks a positive comeback within the wedge pattern.
With a 61% surge last week, the BONE token price completed a morning star pattern. Furthermore, with a bullish reversal pattern near the support trend line, the uptrend continues with a 12% surge this week.
Currently, BONE token trades at a market price of $0.4124, with an intraday recovery of nearly 10%. Supporting the chances of a bullish comeback, the MACD and signal lines are on the verge of marking a bullish crossover.
This will increase the possibility of a breakout rally in the BONE token. However, the 7-day high at $0.4778 marks a bullish failure to sustain dominance above the 50-week EMA line.
Thus, the average line acts as a critical resistance close to the overhead resistance trend line. The dynamic resistance at $0.47, close to the $0.50 psychological mark, reveals a strong supply zone.
BONE Token Price Targets
If the uptrend continues and BONE manages to break above the $0.50 psychological mark, the meme coin could experience a skyrocketing rally. Based on Fibonacci levels, this bullish continuation could bring the price closer to the 50% Fibonacci level, near the $1 psychological mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
