Bone ShibaSwap (BONE) has been declining since August 30 and may continue to decline until it reaches the $1.20 horizontal support area.
Bone is the governance token of the ShibaSwap ecosystem. It allows holders to vote on resolutions, in which the weight of their vote is proportional to the amount of their holding.
its price has doubled last two weeks, The anticipation of new upgrades, Schiberium, could result in an upward movement.
Shiberium is a layer-2 scaling solution that aims to optimize Shiba Inu’s host chain, Ethereum. Expected solution:
- expedite transactions
- low transaction fees
- Contribute to the implementation of the Shiba Inu Metaverse.
Shiberium is also rumored to have a built-in burn mechanism to remove coins from circulation and in turn increase their value. While the burning mechanism will be fully implemented with SHIB, the ecosystem will also include LEASH and BONE tokens, the latter being Shiberium’s utility token.
While there is no set date yet for the release of Shiberium, it is expected to go live in the third quarter of this year.
bone movement
The price started a sharp upward move on 19 August. It managed to successfully break above the $1.20 area on August 29. Later, it reached a high of $2.39 the next day. A higher 2.61 Fibonacci retracement was formed just above resistance (white) and a long upper wick was formed, which is considered a sign of selling pressure.
Furthermore, the daily RSI has generated a very significant bearish divergence (green line), leading to a potential double top pattern.
If the downside momentum continues, the nearest support area is at $1.20 while the next nearest resistance is at $2.66.
shib breaks
SHIB was trading inside an ascending parallel channel since 18th June. The momentum inside it reached a high of $0.000018 on August 14. This validated both the resistance line of the channel and the $0.0000175 horizontal resistance area (red icon).
However, SHIB is falling and breaking out of the channel on 26th August. Currently, SHIB is trading inside the $0.0000012 area.
Additionally, the daily RSI has broken above an ascending support line and is now trading below 50. Therefore, it legitimizes the breakdown and suggests that lower prices are in store.
If the downside momentum continues, the next nearest support area will be $0.00001.
be for[in]Previous Bitcoin (BTC) Analysis of Crypto, Click Here