The dog breed Shiba Inu close up on green grass
Bone Shibaswap price has become very hot once again as the price has broken the bearish market structure. Consequently, BONE crypto price is looking quite bullish for the coming weeks. In fact, there is one scenario that may double the price from its current level.
On Wednesday, cryptocurrencies are having a pullback as the BTC price is once again trading below $30,500. The biggest cryptocurrency fell below its Monday highs which led to a sell-off in altcoins. BONE Shibaswap price still managed to remain green and was trading at $1.05 after rising 0.89%.
BONE price plummeted to fresh yearly lows in June 2023. Since then, the native asset of Shibaswap decentralized exchange has surged more than 56%. This also means that BONE has outperformed most of the cryptocurrencies during this time, including BTC, ETH, DOGE, and SHIB.
After a strong pump, the price is having a pullback. However, if Bitcoin and Ethereum remain strong, I expect altcoins to continue to rally in the coming weeks. The CPI report data for June 2023 will be released on July 12. This, together with the FOMC meeting on 25-26 July will keep the prices in check in the coming weeks.
The technical target of the recent higher high on the daily and weekly chart suggests that the bullish reversal has already occurred for BONE crypto. In the coming days, bulls may target the $1.15 resistance level, where lies a lot of liquidity. A reclaim of this level will put $2 on the cards.
However, this Bone Shibaswap price prediction will be invalidated if the BTC price breaks below $30,000. Also, if you are taking this trade, then your stop loss must be close to the $0.88 level. A breakdown below this support may throw all the bullish predictions straight out the window.
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 Jul 05, 2023, 12:42 BST 12:42