By Curtis Dye
Bone ShibaSwap (BONE) had heavy bearish emotion in the early hours, dropping its price to a low of $1.39. This downward trend was reversed, and buyers took the bull by the horns, driving the price to a high of $1.79 before meeting stiff resistance.
Notwithstanding resistance, the positive control continued as of press time, with BONE valued at $1.77, a 17.19% increase over the previous day’s close, exhibiting a solid optimistic mentality in the market.
After the bulls recovered control, BONE’s market capitalization and 24-hour trading volume climbed by 18.62% and 696.70%, respectively, hitting $407,641,030 and $36,504,615. This rise in market capitalization and trading activity suggests that investors are optimistic about BONE’s prospects and are willing to pay higher prices to capitalize on potential rewards.
BONE/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands are bulging on the BONE 2-hour price chart, with the upper band at 1.7472 and the lower band at 1.3735, indicating that the BONE price is volatile and that a breakout in either direction is possible.
While the price movement has moved above the “upper band,” the current positive momentum may continue, but traders should be careful because the price may reverse and move back inside the bands. The increase might be due to the overbought asset, which suggests that the price has climbed too quickly and is ready for correction.
Also read:When the Relative Strength Index (RSI) is reading 66.12 and moving north, it shows that the asset is still overbought, and traders should consider taking profits or executing a stop-loss plan to safeguard their gains. However, it is crucial to remember that overbought situations may last for an extended period and that a correction may not materialize quickly.
BONE/USD chart by TradingView
The increasing score on the Coppock curve of 13.8236 indicates that investors are getting more optimistic about the long-term prospects of BONE and may be more willing to pay higher prices for the stock as a result of this growing confidence.
This move demonstrates a growing buying pressure in the market, which suggests that BONE might be an excellent asset for an investor to add to their portfolio.
With a Fisher Transform rating of 0.98 signaling good market momentum, now may be an ideal time to buy BONE stock and benefit from its rising trend. Since this movement suggests that the BONE market is starting a sustained bullish period, traders may now open long positions to profit from the possible price gain.
The stochastic RSI reading of 95.82 indicates that the market is overbought; therefore, traders should be cautious and wait for a possible retracement before starting an extended position. This movement suggests the market may be due for a pullback or consolidation before resuming its upward track.
BONE/USD 4-hour price chart (source: TradingView)
The current positive trend in BONE might continue, but traders should keep an eye out for signals of a reversal since the market is overbought.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.