BONE Token Shows Mixed Price Movement, Analyst Predicts Explosive Rally
The BONE token, which is the second-largest token in the Shiba Inu ecosystem, has experienced a series of price fluctuations recently. These ups and downs have been accompanied by a significant increase in trading volume. According to crypto analyst SHIB Knight, an explosive rally is expected soon that could cause BONE’s price to skyrocket. The analyst predicts that the token could surge to $3 in the near future.
Price Surge and Increased Trading Volume
BONE recently saw a surge of 32%, going from $0.8191 to $1.0808. This increase in price allowed BONE to outperform the larger cryptocurrency market, which was experiencing a decline in prices during that time. Interestingly, this surge was also accompanied by a 60% increase in trading volume.
SHIB Knight took note of this price rally and posted about it on social media. While acknowledging the surge, the analyst believes that BONE has the potential for further growth. This update came as an addition to a previous prediction made over the weekend.
Analyst’s Chart Analysis and Predictions
The analyst shared a chart showing how BONE has been trading within a channel with lower highs. It was also highlighted that BONE had attempted to break out of the upper trendline of this channel previously but failed to do so. Despite this setback, SHIB Knight remains optimistic and believes that a breakout to $3 will eventually occur.
Current Price Action and Bearish Trend
Recent price action indicates that BONE has once again failed to break out of the upper trendline mentioned earlier. Instead, it has followed the wider bearish trend seen in most cryptocurrencies. As a result, BONE has reversed most of its recent gains and has experienced a 20% drop in the past 24 hours and a 22.3% drop in the past seven days.
Currently, BONE is trading at $0.8638. If it were to surge to $3, this would represent a 245% increase from its current price level. However, it’s worth noting that BONE has previously reached an all-time high of $15.50.
BONE’s Role and Future Developments
BONE acts as the governance token within the ShibaSwap decentralized ecosystem and serves as gas fees for Shibarium, which is Shiba Inu’s layer-2 scaling solution. The team behind Shiba Inu has proposed several developments that could potentially boost the value of BONE in the future. As long as Shiba Inu’s ecosystem continues to expand, BONE is expected to gain value.
Despite its popularity, BONE is not yet listed on popular exchanges like Robinhood and Binance. However, members of the “Shiba Army” have taken it upon themselves to campaign for a listing on Binance. If successful, this could lead to increased accessibility and visibility for BONE, resulting in a price surge. Traders may also accumulate more BONE leading up to the listing.
Hot Take: Analyst Predicts Explosive Rally for BONE Token 🚀
The BONE token has experienced mixed price movement recently, accompanied by a surge in trading volume. Crypto analyst SHIB Knight predicts an explosive rally that could send BONE’s price soaring to $3 in the near future. While recent price action has been bearish, there is still potential for growth as long as Shiba Inu’s ecosystem expands. Additionally, efforts are being made to list BONE on popular exchanges like Binance, which could further increase its value. Keep an eye on BONE as it continues to navigate the volatile crypto market. 🔥
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