BONE Token Shows Resilience in Bearish Market, SHIB Knight Predicts $3 Price Target
Bone ShibaSwap (BONE), a token within the Shiba Inu ecosystem, has defied the bearish market trend and emerged as a top performer. SHIB Knight, a respected analyst within the Shiba Inu community, predicts further gains for BONE and sets a potential price target of $3.
BONEโs Performance and Outlook
SHIB Knight has been closely monitoring BONEโs performance and recently shared an update on the tokenโs outlook. Despite a previous failed breakout attempt, SHIB Knight remains optimistic, highlighting a chart that suggests BONE is now better positioned for an anticipated bullish breakout.
The Relative Strength Index (RSI) of 65 indicates that the Shiba Inu BONE Token is in a bullish trend and is seeing increased trading volumes after a spectacular 30-day rally. BONE is currently trading at $0.84.
Potential Price Target
While BONEโs current price hovers around $1.09, SHIB Knight has set a target price of $3, anticipating a potential 150% rally for the token. It is worth noting that the memecoin is currently down almost 98% from its all-time high in 2021, which implies ample room for growth.
Limited Exposure on Major Exchanges
The limited exposure of BONE among major centralized crypto trading platforms may have contributed to its slower price gains compared to the ecosystemโs leading token, SHIB. Currently, BONE is listed on platforms such as OKX and Gate.io, while notable exchanges like Binance, Coinbase, KuCoin, and Bybit have yet to support its trading.
To address this limitation, leaders of the Shiba Inu community have rallied their members to campaign for BONEโs listing on Binance, one of the largest crypto exchanges. They firmly believe that inclusion on such a prominent platform would provide the necessary catalyst for explosive price rallies, potentially propelling BONE to unprecedented levels.
Hot Take: Will BONE Reach $3?
The recent resilience and positive momentum displayed by BONE in a bearish market have generated excitement within the Shiba Inu community. Traders and enthusiasts will be closely monitoring BONEโs performance in the coming days, eagerly awaiting signs of a breakout and the potential for significant gains.
While SHIB Knightโs prediction of a $3 price target is ambitious, it is not impossible considering the current state of the market and the room for growth that BONE still has. The communityโs efforts to increase its market visibility and secure listings on major exchanges could further drive up demand and contribute to price appreciation.
However, it is important to note that investing in cryptocurrencies carries inherent risks. The crypto market is highly volatile, and price predictions are speculative in nature. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions.
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