Will $BONE Price Recovery Rally Reach $2 Milestone?

Bone ShibaSwap Price Analysis:  The Bone ShibaSwap token, associated with the Shiba Inu layer-2 blockchain Shibarium, has experienced a significant surge of over 110%, since last month. This surge came following an announcement made by the lead developer, Shytoshi Kusama, who revealed that the Shibarium mainnet release and the unveiling of the ecosystem’s Worldpaper are scheduled for August. Though this news-driven rally has brought the recovery sentiment back to BONE price, can buyers maintain trend control in the long run?

Also Read: Shiba Inu Official Predicts BONE Price At $3 As Shytoshi Kusama Hints At Shibarium Launch

Bone ShibaSwap Price Daily Chart: 

• The Bone token price shows the formation of a double bottom pattern in the weekly time frame chart.
• A breakout above $1.33 sets the coin price for a 50% rally.
• The intraday trading volume of the Bone ShibaSwap token is $15.8 Million, showing a 25% loss.

Source- Tradingview

With a significant inflow in buying pressure, the Bone ShibaSwap token price showed a parabolic rally from the demand zone of $0.66-$0.6. The bullish rally backed by increasing volume indicates the growth of a sustained rally.

In addition, the rising price has recently breached a significant resistance zone of $1.3-$1.33. This breakdown provides buyers with a solid foothold to prolong the recovery rally. By the press time, the BONE price traded at $1.4, and with an intraday gain of 7.8%, it provides a suitable follow-up for long-portion trade.

However, the coin holders have already witnessed a massive rally in a short period, and therefore, if no more supporting news is provided, the BONE price likely experiences a pullback or consolidation above $1.3 before making the next leap.

Will Bone ShibaSwap Price Reach $2?

While the BONE price is likely to take a temporary halt to replenish bullish momentum, a look at the higher price chart reveals the formation of a double-bottom pattern. This bullish reversal pattern has set an upward trajectory for this token in the long term. If the coin price shows sustainability above $1.3, the buyers could drive a rally to $2 with an aim to surpass it.

• Relative Strength Index: The weekly-RSI slope at 60% reflects the bullish momentum in the market is aggressive.
• Bollinger Band: The downtick in the upper band of the Bollinger Band indicator could provide an additional barrier against buyers and cause a temporary pause in the uptrend.