The native governance token of the ShibaSwap decentralized exchange (DEX), BONE, has been on a remarkable bullish rally, standing tall against the prevailing bearish market trend. Since June 12, BONE has surged by an impressive 110%, becoming a centre of attention within the Shiba Inu ecosystem, especially with the highly anticipated launch of the Shibarium mainnet drawing closer. Let’s delve into the significant events and milestones that have shaped BONE’s incredible journey in recent months.
BONE’s Rocky Journey and Remarkable Comeback
After reaching its yearly peak of $2.1092 on February 21, BONE experienced a sharp decline, plummeting to a shocking low of $0.6650 on June 10. However, the asset swiftly engineered a remarkable comeback, reclaiming its lost gains and sparking renewed investor interest.
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The turning point for BONE’s rally was on June 12, and throughout the month, it showed considerable strength. Although BONE didn’t manage to breach the $1 mark during June, it closed the month with an impressive price of $0.9317.
July Triumphs and the Influence of Shibarium Launch Announcement
The bullish momentum that ignited in June carried over into July, with BONE finally breaking above the resistance at $0.98 and reaching $1 on July 3. This price point had eluded the token for three months, signifying a significant breakthrough for investors and the Shiba Inu community.
The excitement further intensified with the momentous announcement of the impending Shibarium mainnet launch. As details about Shibarium were disclosed by Shytoshi Kusama, the Shiba Inu community lead, in a blog release on July 6, BONE’s rally gained further momentum, propelling the token to reach a 4-month high of $1.4900 on July 8.
Technical indicators added to the optimism surrounding BONE’s price surge. The token experienced a “golden cross” on the daily timeframe, a pattern formed when a shorter-term moving average crosses above a longer-term moving average. This occurrence typically indicates a bullish sentiment and signals potential further gains for the asset.
50-day EMA and 200-day EMA Cross: A Historical Pattern
On the 24-hour chart, the 50-day exponential moving average (EMA) recently broke above the 200-day EMA. Interestingly, this pattern had emerged previously in January and August of previous years, hinting at significant price surges for BONE on both occasions.
In August 2022, following a similar cross, BONE rallied by a staggering 285%, reaching a high of $2.39. Similarly, after the cross in January 2023, BONE embarked on an impressive run, surging by 136% to its yearly high of $2.1092 on February 21.
Bullish Prospects for BONE
The current situation indicates favourable prospects for BONE in both the short and long term. With the token comfortably trading above the 50-day EMA ($1.1207) and the 200-day EMA ($1.0578), investors remain optimistic about the token’s future growth potential.
As the countdown to the Shibarium mainnet launch continues, excitement within the Shiba Inu community is at an all-time high, further bolstering confidence in BONE’s prospects. However, as with any cryptocurrency investment, investors should exercise caution and conduct thorough research before making decisions.
Disclaimer: The information provided here should not be taken as financial advice. Cryptocurrency markets are highly volatile, and investments should be made after careful consideration of individual risk tolerance and market conditions.