BONE Shibaswap is catching investors’ attention due to an increase in its trading volume in the past few days. In the past 24 hrs, the price of the native token of the memecoin DEX has risen 0.40%. The positive price action comes on a day when the BTC price is down 0.19%.
On Friday, crypto markets are experiencing a bearish sentiment as the BTC price has fallen below $29,500. The biggest cryptocurrency is showing a weak price action despite a bullish CPI report which was released on Thursday. Nevertheless, the BONE token is up 1.31% this week.
BONE is the native asset of the Shiba Inu-themed decentralized exchange known as Shibaswap. According to the data tracking site DeFi Llama, there is currently more than $30 million TVL on the memecoin DEX. The TVL chart reveals that since July 15, around $10 million has been added to the platform.
Nevertheless, the TVL is no way near its 2021 all-time high of $1.73 billion. The increase in the trading volume could be attributed to the upcoming launch of the Shibarium blockchain. The Dog-themes L2 is being built to accelerate the development of the Shiba Inu ecosystem.
In my last BONE analysis, I predicted a retest of the $1.15 level. At that time, the coin was trading at $1.05, and it hit $1.15 within a week. Since then, the price has gained a lot of strength above the 200 MA on the daily chart. Considering the bullish momentum, $2.05 seems to be a valid price target for the coming weeks. It may also retest its 52-week high of $2.41, which was made in August 2022.
The invalidation of this bullish BONE Shibaswap price prediction will be a daily closure below the 200-day moving average. A breakdown below this key moving average would break the bullish market structure on the daily chart.
I’ll keep posting my updated BONE analysis and upcoming 1000x gems on my Twitter, where you are welcome to follow me.
This post was last modified on %s = human-readable time difference 12:54