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HomeCrypto NewsMarketShiba Inu: BONE Targets $2 on Back of Shibarium Launch


SHIBA INU: BONE TARGETS $2 ON BACK OF SHIBARIUM LAUNCH




Date:

July 12, 2023

Written By:

Albert Brown
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Latest News


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July 15, 2023


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July 15, 2023


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July 15, 2023


RIPPLE CTO SLAMS EX-SEC DIRECTOR, SAYS COURT CAN’T REGULATE CRYPTO EXCHANGES 

July 15, 2023


RIPPLE GENERAL COUNSEL SAYS SEC THEORIES ARE SUBJECT TO FAIR NOTICE DEFENSE

July 15, 2023
Load more
BONE

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.

CoinMarketCap

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.

TradingView

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.

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Disclaimer: 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’s opinion. Readers are encouraged
to do thorough research before making any investment decisions. The Crypto Basic
is not responsible for any financial losses.

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 * Tags
 * BONE
 * SHIB
 * Shiba Inu
 * ShibaSwap



Author

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the
nascent space since 2017. His love and passion for technological innovations
made him delve deeper into the world of blockchain and cryptocurrencies. As a
journalist, Brown has written on several crypto-related topics that have been
referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


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