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- ShibaSwap price has entered a bullish trend, gaining more than 5% in the last 24 hours.
- BONE prices are facing stiff resistance at the $0.7607 and $0.7936 levels.
- A break above the $0.7936 level and a daily close above this price could set the stage for further gains in BONE prices.
Today’s ShibaSwap BONE price analysis reveals that the meme coin opened the daily trading session on a bullish note, moving from a daily intraday low of $0.7407 to a high of $0.7786.
The market sentiment around ShibaSwap has seen increased volatility, as indicated by the bulging Bollinger bands. The bears have made short-term trades, but the bulls have pushed back and maintained their strength.
BONE/USD technical analysis on the daily chart: Bullish flag formation pattern
The ShibaSwap BONE/USD pair is trading within a bullish flag formation, indicating strong upside momentum. The price ranges between $0.7407 and $0.7936 in the current market conditions and could break out above the upper resistance level if bulls gain more strength in the coming days.
The Relative Strength Index (RSI) is currently above 50 and trending upwards, indicating the market’s rising bullish momentum. If BONE prices break out of the $0.7936 resistance level, bulls could gain further upside momentum and target a move toward $1.00. However, if bears gain control, prices could fall back to $0.7407.
BONE/USD 4-hour chart analysis: Bearish histograms start forming
The 4-hour chart analysis reveals that the BONE/USD pair forms a bearish histogram pattern, indicating solid downward momentum. The pair has been trading in a tight range between $0.7407 and $0.7936 and could break out lower if bears gain market control.
The Relative Strength Index is pointed downward but above 60, indicating that the bearish momentum is still weak and bulls could take over soon. A bearish crossover on the MACD line and the signal line could set the stage for a stronger downward move in BONE prices.
The ShibaSwap BONE/USD pair has gained strongly after bouncing off key support at $0.7407. Bulls are pushing back and aiming to break out above the $0.7936 resistance level, while bears try to maintain their momentum. If the bulls break out above this price target, we could see further gains in BONE prices and a move toward $1.00. However, if bears gain control, prices could fall back to the key support of $0.7407.
Looking ahead, a bearish crossover on the MACD line and the signal line could set the stage for a stronger downward move in BONE prices. Bulls need to breach the Fibonacci level of 0.7800 and push BONE prices above the $0.7936 resistance level to target a move towards $1.00 levels. The sentiment around ShibaSwap remains volatile, with bulls holding on the upper side and bears pushing back on the lower side.