Cryptocurrencies

Bone Shibaswap Price Prediction As The TVL Rebounds

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Written By: Abdullah Sarwar
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    Summary:
  • BONE Shibaswap Price Prediction - BONE is maintaining the bullish momentum and may soon break above $2. Invalidation will be a break below 200 MA.

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.

What Is BONE Shibaswap?

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.

BONE Shibaswap Price Prediction

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.

BONE Chart

This post was last modified on Aug 11, 2023, 12:54 BST 12:54

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar