- BONE price prediction is bearish for the short term as well as for the long term.
- BONE crypto price is in a strong downtrend.
- The pair of BONE/USD is trading at 0.605037 with an intraday decline of -1.29%.
The prediction for BONE’s price remains bearish as long as it trades below $1.00, although there is a chance of a short-term relief rally due to its highly oversold status.
The prediction for BONE’s price remains bearish as long as it trades below $1.00, although there is a chance of a short-term relief rally due to its highly oversold status.
Due to sellers’ dominance, BONE’s price is in a strong downtrend, and its trading below both the EMAs confirms this. It appears to be in a narrow range between $1.00 and $0.500, indicating potential base formation, but confirmation is still awaited.
In March, BONE broke through the crucial resistance of $1.00, which generated a positive sentiment and invited further incline, but the price was unable to sustain it.
After a downfall that stopped near $1.800, BONE’s prices entered into a consolidation phase. The prices of BONE and other altcoins are negatively affected by the overall crypto market’s correction phase.
However, if the overall market recovers, a bounce is possible. Currently, BONE’s price is trading at $0.607, with an intraday decline of -1.29%. The 24-hour volume to market cap is 0.0491%.
Is Bone Price Consolidating For Base Formation?
The bears are favored in BONE ShibaSwap price prediction until the $1.00 level is broken by buyers. Buyers seem less active than sellers, resulting in a low probability of a sharp bounce back.
As long as BONE crypto trades below $1.00, it is expected to remain under the control of bears. However, if buyers manage to push the price above the 50-day EMA, a short-term trend reversal may become visible.
If the BONE ShibaSwap price falls below $0.500, it will likely result in more downside. Analysis suggests that BONE is forming a long-term base near $0.600, and buyers are making an effort to rebound.
BONE Crypto Appears Bearish On Multiple Time Frames
BONE crypto price shows bearishness on multiple time frames. Although it has corrected approximately 32% from its monthly highs, there are no strong signs of a recovery yet. However, as long as prices remain above the $0.500 support, prices are expected to continue consolidating.
The MACD curve slopes upward and aims to climb above the zero line, indicating mild bullishness. However, the price action shows divergence. The RSI at 40 reverses upward from the oversold territory and is likely to reach the neutral zone.
Social Dominance Vs Social Volume Data Overview
Social volume and social dominance of the BONE crypto have been declining for a prolonged time showcasing the declining interest of users on the social platform. If these indicators decline, the price could be affected negatively.
Conclusion
BONE crypto price is currently in a strong downtrend and its short-term and long-term predictions remain bearish. The price is hovering around $0.607 with an intraday decline of -1.29%. As long as it trades below $1.00, it is expected to remain under the control of bears. However, there is a chance of a short-term relief rally due to its highly oversold status. BONE is forming a long-term base near $0.600 and buyers are making an effort to rebound. The MACD curve slopes upward and aims to climb above the zero line, indicating mild bullishness, but the price action shows divergence.
Technical Levels
Resistance: $0.800 and $1.00
Support: $0.550 & $0.500
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.