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Bone (BONE), the governance token of Shiba Inu DEX ShibaSwap, witnesses a massive surge nearing $0.50. Will this drive the uptrend to $1?
As the crypto market recovers, the market capitalization of the meme coin segment has reached $58 billion. Amid the recovering meme coins, Shiba Inu and its closely related coins like Bone ShibaSwap are on a bullish roll.
The SHIB token has surged nearly 14% in the past 24 hours, while the BONE token marks an intraday rise of more than 17%. Will this recovery run propel the BONE token price to the $1 mark?
BONE Price Analysis
The bullish recovery in BONE comes days after a core Shiba Inu team member, Lucie, highlighted the possibility of a massive comeback in the governance token. In a tweet, Lucie compared BONE to top altcoins like Cardano and XRP in their undervalued years, witnessing intense consolidation.
In the weekly chart, the BONE token price has showcased a falling wedge pattern since early 2023. The short-term resurgence in the BONE token price marks a positive comeback within the wedge pattern.
With a 61% surge last week, the BONE token price completed a morning star pattern. Furthermore, with a bullish reversal pattern near the support trend line, the uptrend continues with a 12% surge this week.
Currently, BONE token trades at a market price of $0.4124, with an intraday recovery of nearly 10%. Supporting the chances of a bullish comeback, the MACD and signal lines are on the verge of marking a bullish crossover.
This will increase the possibility of a breakout rally in the BONE token. However, the 7-day high at $0.4778 marks a bullish failure to sustain dominance above the 50-week EMA line.
Thus, the average line acts as a critical resistance close to the overhead resistance trend line. The dynamic resistance at $0.47, close to the $0.50 psychological mark, reveals a strong supply zone.
BONE Token Price Targets
If the uptrend continues and BONE manages to break above the $0.50 psychological mark, the meme coin could experience a skyrocketing rally. Based on Fibonacci levels, this bullish continuation could bring the price closer to the 50% Fibonacci level, near the $1 psychological mark.