- The Bone has faced a decline of 2.84% in the last 24 hours and is trading at $0.8814.
- The coin price is trading inside a falling wedge pattern.
Bone ShibaSwap (BONE) is a decentralized governance token with voting functionality. It allows Shiba Inu users to vote on upcoming proposals and to have access to future NFTs.
Bone ShibaSwap coin price is currently trading at $0.8814 and is down by 2.84% since the last trading session. The coin market capitalization is currently $202,340,306 with a circulating supply of 229,923,351 Bone coins. It has a maximum circulating supply of 250,000,000 Bone coins.
Bone Shibaswap (BONE) Coin: Technical Analysis
In the 1 day chart of the BONE coin, we can see the dominance of sellers as the price has been continuously falling and is forming red candles.
BONE coin price has fallen more than 50% in the last 50 trading sessions. The price is continuously falling inside a falling wedge pattern. The coin price has recently, faced rejection from the upper trendline of the falling wedge pattern after taking support from the $0.7394 level.
If the price continues to fall and breaks below the $0.7394 level, the next support is at $0.5574. However, for the price to be in bullish sentiment, it must give the breakout of the $0.9133 resistance. Thus, it may rise to its next resistance at $1.1430.
Technical Indicators on the Current Trend
The 100-day EMA has recently crossed the 200-day EMA from upside to downside, indicating the bear market to continue. The price is also trading below the 100 and 200 EMAs, showing the dominance and control of sellers over the Bone price.
The relative strength index is 45.57 and has started to slope in the downward direction after taking resistance from the 50 RSI level. It indicates the price is currently in neutral territory, but can move to bearish territory as there is space for the RSI line to go down.
The Bollinger Bands have also been contracted due to the low volatility in the BONE chart at the time of writing
Conclusion
The BONE coin chart reflects bearish sentiment over the price. The price is trading inside a falling wedge pattern and also in a narrow range of $0.1993 to $0.7394. If the BONE price continues to fall and breaks below the $0.7394 level, the next support is at $0.5574. However, for the price to be in bullish sentiment, it must give the breakout of the $0.9133 resistance. Thus, it may rise to its next resistance at $1.1430.
Technical levels
Resistance Levels: $0.1993 and $1.1430.
Support Levels: $0.7394, and $0.5574.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading comes with a risk of financial loss.