Finance

BONE Price Prediction: ShibaSwap now listed in Gate exchange

02/25/2023
Bitcoin Ethereum News

BONE

Bone ShibaSwap (BONE) token prices are trading with mild bearish cues and bears are trying to drag the prices below the important support level of $1.700 but bulls seem to be also aggressive and have ability to bounce back from the lower levels. 

Bone ShibaSwap was one of three main tokens in the Shiba Inu (SHIB) ecosystem that are now listed on the Gate crypto currency exchange which is likely to attract more investors and lead to an increase in the trading volume of the token for the better price discovery in the coming months. Currently, BONE/USDT is trading at $1.810 with an intraday loss of 1.65% and the 24-hour volume to market cap ratio at 0.0448 

Will the BONE price outperform in the coming months ?

BONE/USDT 1 hour chart by Tradingview

Bone ShibaSwap (BONE) token prices seem to be in the initial phase of uptrend and rising upward by forming higher high swings which indicates that the buyers are slightly positive and confident about the future outlook of the token due to the Shiba Inu ecosystem.

Recently, In the beginning of February, BONE token came into the spotlight of investors when it entered into the top 100 crypto list which has triggered the positive sentiment and bulls succeeded in holding the price above the $1.00. Later, slow and steady, bulls picked up the upward momentum and continued the journey to achieve the $2.00 mark. However, the prices took halt at the $2.100 and got strong rejection shows that bears are getting active on the higher levels and prices might enter into narrow range consolidation between $1.000 to $2.000 before deciding the further direction. 

As of now, Bone token prices are revising down but the chart structure indicates that $1.700 will act as an immediate support level for bulls and responsive buyers will try their best to hold the support level. However, if the $1.700 support level breaks down then bears might try to drag the price towards $1.400 level. On the other hand, the technical indicators of the BONE like MACD curve is reversing upward and on the way to generate a positive crossover indicating bullishness to continue for some more time and the RSI at 45 denotes the balance between bullish and bearish positions.

Summary

Bone ShibaSwap (BONE) token prices are starting the journey in different exchanges and have received huge participation from investors in the short period of time due to the Shiba Inu ecosystem. On the other hand, BONE has created its space in the top 100 crypto list which is also a big achievement for the team and investors seem to be highly bullish for the future outlook of the token.

Technical levels

Resistance levels : $2.000 and $2.100

Support levels : $1.700 and $1.400

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2023/02/25/bone-price-prediction-shibaswap-now-listed-in-gate-exchange/