Bone ShibaSwap: Next Big Thing with 130% Price Upsurge Prediction?

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Bone ShibaSwap (BONE) price has displayed bullish strength over the last ten weeks, rising 130% to the current level of $1.47. Traders expect that BONE will make another 130% climb over the coming weeks bringing areas around $3.4 into the picture.

The launch of Shibarium could be a significant catalyst for this growth in Bone ShibaSwap. Shibarium is an upcoming layer-2 (L2) network built on the Ethereum blockchain for Shiba Inu.

Shibarium’s primary function is to serve as a platform for building decentralized applications (dApps) and integrating them into real-world usage. It is designed to make Shiba Inu more affordable, faster, and scalable.

This will make it more attractive to users and developers and could positively impact the value of tokens in the Shiba Inu Ecosystem, including BONE.

The launch of Shibarium, which is expected to happen between August 15 and 16, could help to reduce network congestion on Ethereum.

Rise and shine #SHIBARMY ☀️ The wait is finally over – Futurist is here and we’re ready to roll! Who’s ready to uncover the amazing surprises and insights we’ve prepared for the next few days? 👀 #Futurist23

— Shib (@Shibtoken) August 15, 2023

The project has been keeping its community informed about these developments through daily posts and announcements on social media. This has been met with a lot of excitement from the community, which expects a positive impact on the Shiba Inu network and the price of all the cryptocurrencies in the ecosystem.

BONE is the Ethereum-based token in the Shiba ecosystem, including Shiba Inu (SHIB) and Doge Killer (LEASH) tokens.

Dubbing the “Summer of Shibarium” this season, the SHIB Army is excited about the prospects of BONE going ballistic, with X user Shib Spain saying he was more bullish than ever on the token.

Feeling more Bullish than ever on $SHIB $LEASH $BONE #Shibarium 🚀🔥🔥#ETHToronto #Futurist23 #SummerOfShibarium #SHIBARMYSTRONG pic.twitter.com/GYcYGOmuRw

— Shib Spain ⛓️ (@ShibSpain) August 15, 2023

Bone ShibaSwap Price Could Exploit V-shaped Recovery Pattern

The BONE price action has formed a V-shaped recovery chart pattern on the weekly chart a,s shown below. This is a highly bullish reversal pattern where a rapid and steep recovery follows similarly in a price drop.

At the time of writing, BONE was fighting immediate resistance from the $1.60 psychological level. Breaking this barrier will see the Bone ShibaSwap price climb to confront opposition from the $1.80 supplier congestion level and later the V-shaped pattern neckline at $2.10.

Overcoming this barrier would signal an escape from the governing chart pattern setting the DEX token on a path to a sustained recovery. BONE may face significant hurdles, from the psychological levels at $2.50 and $3.0, before reaching the bullish target of $3.4. This would represent a 130.22% upsurge from the current price.

BONE/USD Daily Chart

Bone Shiba Swap Price Chart - August 15 — TradingView Chart: BONE/USD

Apart from the bullish V-shaped chart pattern, Bone ShibaSwap’s positive outlook was supported by the position of the price above critical simple moving averages (SMAs). The 50 and 100 SMAs at $.08 and $1.14 r, respectively, represented areas of significant demand that could propel the price higher.

Furthermore, the Supertrend indicator’s position below the price suggested that the bulls had begun taking control of the market. Like the moving averages, this index overlays the chart while tracking BONE’s trend. It incorporates the average true range (ATR) in its calculations, which helps gauge market volatility. As long as the index is green and stays below the price, buyers are likely to remain in an advantageous position.

On the other hand, the Relative Strength Index (RSI) at position 85 painted extremely overbought conditions for the Bone ShibaSwap price. Therefore, as buyers get exhausted and profit-taking kicks in, BONE may turn down from the current levels with the SMAs proving support. Below that, the SuperTrends green line at $0.86 provides the last line of defense before the SHIB-related token tumbles toward the bottom of the V-shaped pattern at $0.6599.

BONE Alternatives

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— Launchpad.xyz (@launchpadlpx) August 8, 2023

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