In recent weeks, the governance token of the Shiba Inu ecosystem, Bone, has been displaying a bullish trend in anticipation of the upcoming Shibarium mainnet launch. Over the course of the past 30 days, the token’s price has surged by an impressive 81%, and market indicators suggest that more positive movements may be on the horizon.
According to an announcement by the pseudonymous developer of Shiba Inu, Shytoshi Kusama, on July 11, the launch of Shibarium’s mainnet is imminent. As part of the Blockchain Futurist Conference scheduled for August 2023 in Toronto, a multi-month hackathon and keynote address would be held to showcase Shibarium and other Shib-themed products.
An analysis of Bone ShibSwap (BONE) price movements in the last week indicated that the token might soon reach the $2 mark. Despite increased market volatility and a general pullback in cryptocurrency prices, BONE has continued to demonstrate a bullish trajectory.
Although BONE faced its fair share of market volatility earlier this year, alongside other cryptocurrencies, its bullish sentiment took a hit following the US SEC’s lawsuit against major exchanges Coinbase and Binance in early June. As a result, Bone experienced a downward trend, hitting a yearly low of $0.6650 on June 10. However, the token made a remarkable recovery in July, surpassing the $1 mark.
BONE’s price has increased by more than 16% in one week, hitting above $1.3 before suffering a minor decline. The biggest significant increase in price for BONE came on July 7, when it shot up by 9% in a single trading session, making it the most notable of the memorable rallies.
The primary driver behind BONE’s recent price surge is undoubtedly the anticipation surrounding the forthcoming Shibarium mainnet launch. The upcoming launch of Shibarium at the Blockchain Futurist Conference in August has increased investor sentiment towards BONE, as it serves as the gas and governance token for the layer-2 scaling network.
The most recent BONE price analysis shows a slight decrease in today’s price. The BONE price is $1.30 at the time of writing, down just 0.45% over the past 24 hours. The market opened trading in a strong bullish trend and hit an intraday high of $1.38, but as soon as the market crashed, BONE’s price followed suit and showed an overall bearish sentiment.
The BONE/USD pair has been quite volatile; support and resistance are present at $1.28 and $1.38, respectively. The price is currently trading near the support level, but a break of this could send BONE’s price lower toward its next support level of $1.25, and if bulls resume control, it could rise toward the resistance of $1.40.
The 20-SMA and 50-SMA are both trending downwards, indicating bearish momentum in the near future. The RSI is also heading downward, suggesting an increase in the selling pressure. Currently, the RSI is at 48.05, which shows that there is still some room for the price to drop. The MACD is also in the bearish territory, with the MACD line below the signal line. The 20-EMA has crossed below the 50-EMA, which is also a bearish signal for BONE.
